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Congressional Budget Office-Monthly Budget Review: August 2022
September 9, 2022-Summary
The federal budget deficit was $944 billion in the first 11 months of fiscal year 2022 (that is, from October 2021 through August 2022), the Congressional Budget Office estimates-$1.8 trillion less than it was at the same point last year. Revenues were $822 billion (or 23 percent) higher and outlays were $945 billion (or 15 percent) lower than they were during the same period a year ago.
Revenues in all major categories rose, especially individual income taxes. Spending related to the coronavirus pandemic declined, particularly for the recovery rebates (also known as economic impact payments), unemployment compensation, pandemic relief through the Small Business Administration (SBA), and relief to state, local, tribal, and territorial governments.
On August 24, 2022, the Administration announced plans to forgive certain portions of federal student loans for many borrowers and other changes to the student loan program. CBO's budget estimates through August do not include outlays related to those actions because the Administration had not recorded any related costs.
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Source: CBO (Congressional Budget Office)
SEC Reins In Internal Bond Trading Embraced by Pimco and T. Rowe Price
September 9, 2022--Investment giants like Pacific Investment Management Co. are facing fresh restrictions on their ability to trade bonds internally between different funds under US Securities and Exchange Commission rules that took effect this week.
The crackdown on the practice, which is widely known as cross-trading, was opposed by Pimco, T. Rowe Price Group Inc. and other managers. The changes follow a lengthy phase-in of sweeping new rules on mutual fund valuations that the SEC passed in 2020 to bolster investor protections.
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Source: bnnbloomberg.ca
U.S. SEC to set up new office for crypto filings
September 9, 2022--The U.S. securities regulator will set up two new offices to deal with filings related to crypto assets and the life sciences sector, the agency said on Friday.
The "Office of Crypto Assets" and the "Office of Industrial Applications and Services" will join seven existing offices under the Securities and Exchange Commission (SEC) department which handles corporate disclosure filings.
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Source: reuters.com
Harbor Capital Advisors to Expand ETF Suite with International Compounders ETF
September 8, 2022--Harbor Capital Advisors, Inc. ("Harbor"), a premier multi-manager investment firm offering access to innovative and specialized expertise across a range of investment strategies and vehicles, today announced the launch of the Harbor International Compounders ETF (OSEA).
The active, concentrated and fully transparent ETF is focused on international companies with expected sustainable earnings growth to help drive compounded long-term wealth creation.
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Source: Harbor Capital
Amplify ETFs Launches the Amplify International Enhanced Dividend Income ETF
September 8, 2022--IDVO adds to Amplify ETFs' income suite, seeks to offer high-quality international dividend income; monthly distribution schedule
Amplify ETFs announces the launch of the actively managed Amplify International Enhanced Dividend Income ETF (NYSE Arca: IDVO).
IDVO seeks to provide monthly income (approximately 3%-4% from dividend income and 2%-4% from sold call options) from international dividend-paying stocks in the form of American depository receipts (ADRs) and by opportunistically writing covered calls on those stocks.1
IDVO joins Amplify ETFs' growing suite of income ETFs, including its domestic counterpart - Amplify CWP Enhanced Dividend Income ETF (DIVO) -which also aims to offer high levels of total return on a risk-adjusted basis and has over $1.7 billion in assets.
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Source: Amplify ETFs
Defiance Launches $IBIT: First Short Blockchain ETF-to Hedge Crypto Industry
September 8, 2022--Today, Defiance, a leading thematic ETF provider, is announcing the launch of The Defiance Daily Short Digitizing the Economy ETF (IBIT).
IBIT enters short positions of the Amplify Transformational Data ETF (BLOK), a leading actively managed ETF that offers exposure to companies in the crypto and blockchain ecosystem.
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Source: Defiance ETFs
Beige Book-September 7, 2022
September 7, 2022--Overall Economic Activity
Economic activity was unchanged, on balance, since early July, with five Districts reporting slight to modest growth in activity and five others reporting slight to modest softening. Most Districts reported steady consumer spending as households continued to trade down and to shift spending away from discretionary goods and toward food and other essential items.
Auto sales remained muted across most Districts, reflecting limited inventories and elevated prices.
Hospitality and tourism contacts highlighted overall solid leisure travel activity with some reporting an uptick in business and group travel. Manufacturing activity grew in several Districts, although there were some reports of declining output as supply chain disruptions and labor shortages continued to hamper production. Despite some reports of strong leasing activity, residential real estate conditions weakened noticeably as home sales fell in all twelve Districts and residential construction remained constrained by input shortages. Commercial real estate activity softened, particularly demand for office space. Loan demand was mixed; while financial institutions reported generally strong demand for credit cards and commercial and industrial loans, residential loan demand was weak amid elevated mortgage interest rates.
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Source: federalreserve.gov
Emerge Canada Launches New EMPWR Program, including Five ETFs on the Neo Exchange
September 7, 2022--Emerge Canada's EMPWR program designed to support and highlight women-led investment managers while promoting sustainable investing
Emerge Canada Inc. ("Emerge") has launched its new proprietary EMPWR program today. EMPWR is available in both Canada and the U.S. and includes separate account strategies, mutual funds and exchange-traded funds ("ETFs").
EMPWR is designed to support and highlight women-led investment managers while promoting sustainable investing.
Emerge is launching the following five ETFs in Canada (each, an "EMPWR ETF" and collectively, the "EMPWR ETFs"), including Canadian dollar-denominated exchange-traded units ("CAD Units") and U.S.-dollar-denominated exchange-traded units ("USD Units") of each EMWPR ETF, and five ETFs in the U.S.
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Source: Emerge Canada Inc.
Direxion Launches First Amazon, Google and Microsoft Single Stock Leveraged and Inverse ETFs
September 7, 2022--Following upon the recent success of its first four single stock leveraged and inverse ETFs-TSLL, TSLS, AAPU, and AAPD- Direxion, a leading provider of tradeable and thematic ETFs, today announced the launch of an additional six single stock leveraged and inverse ETFs, listing on the NASDAQ, which allow active traders to obtain magnified, or inverse, exposure to the daily performance of the common stocks of Amazon, Google or Microsoft.
"Amazon, Google and Microsoft are three of the world's largest stocks, are heavily traded, and are widely recognized," said Direxion Managing Director and Head of Product, David Mazza.
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Source: direxion.com
Single-Stock Fund Frenzy Sends ETF Issuance to Fastest Pace Ever
September 6, 2022--Unfazed by the rout in markets this year, the booming exchange-traded fund industry is pumping out new products to US investors at an unprecedented pace -- and with more to come as issuers race to cash in on a new category of single-stock ETFs.
In the first eight months of this year, 273 funds have debuted, exceeding the number of launches during the same period in previous years, according to data compiled by Bloomberg. The amount has eclipsed even the 259 launches in the first eight months of last year, when record flows rushed into ETFs as investors chased a surging bull market.
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Source: bnnbloomberg.ca
