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Minutes of the Federal Open Market Committee, September 15-16, 2020
October 7, 2020--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 15-16, 2020. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.
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Source: federalreserve.gov
U.S. trade deficit jumps to largest in 14 years in August
October 6, 2020--The U.S. trade deficit surged in August to the largest in 14 years with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.
The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006.
Economists polled by Reuters had forecast the trade gap widening to $66.1 billion in August.
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Source: reuters.com
Schwab Completes Acquisition of TD Ameritrade
October 6, 2020--Creates company with approximately $6 trillion in client assets across 28 million brokerage accounts
Enhances company's position as a leading provider of services and solutions to investors and independent advisors
The Charles Schwab Corporation ("Schwab") today announced that it has completed its acquisition of TD Ameritrade Holding Corporation ("TD Ameritrade").
The combination will create a company with enhanced scale, an even better portfolio of world-class services and solutions, and a talented team united by an unwavering commitment to clients and a shared heritage of innovation.
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Source: Charles Schwab
Exxon's Plan for Surging Carbon Emissions Revealed in Leaked Documents
October 5, 2020--Internal projections from one of world's largest oil producers show an increase in its enormous contribution to global warming
Exxon Mobil Corp. had plans to increase annual carbon-dioxide emissions by as much as the output of the entire nation of Greece, an analysis of internal documents reviewed by Bloomberg shows, setting one of the largest corporate emitters against international efforts to slow the pace of warming.
The drive to expand both fossil-fuel production and planet-warming pollution has come at a time when some of Exxon’s rivals, such as BP Plc and Royal Dutch Shell Plc, are moving to curb oil and zero-out emissions. Exxon's own assessment of its $210 billion investment strategy shows yearly emissions rising 17% by 2025, according to internal projections.
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Source: bloomberg.com
Hunt for answer to bond blues turns to active ETFs
October 3, 2020--The crushing of global interest rates to historically low levels has delivered big gains for bond investors and crowns a four-decade run of solid returns. From here, the picture looks tougher and that may mean investors need to take a more active approach to managing their portfolios.
A universe where bonds provide little to no interest fails in providing a fixed income beyond the current rate of inflation. It also limits the prospect of capital appreciation for portfolios. And that's the good news. Far more daunting is the likelihood that investment in government and other high-quality bonds over time registers negative returns once the global economy negotiates the pandemic.
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Source: echnocodex.com
CBO-An Overview of The 2020 Long-Term Budget Outlook
October 1, 2020--Summary
By the end of 2020, federal debt held by the public is projected to equal 98 percent of gross domestic product (GDP)-its highest level since shortly after World War II.
If current laws governing taxes and spending generally remained unchanged, debt would first exceed 100 percent of GDP in 2021 and would reach 107 percent of GDP, its highest level in the nation's history, by 2023, CBO projects. Debt would continue to increase in most years thereafter, reaching 195 percent of GDP by 2050.
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Source: Congressional Budget Office (CBO)
Three New Transparent Actively Managed ETFs and an Index ETF Offer Client Choice and Flexibility to Access BlackRock's Best Thinking on Long-Term, Transformative Growth Trends
October 1, 2020--First Active Transparent ETFs from BlackRock's Fundamental Active Equity Portfolio Managers
The structural shifts influencing the future of the global economy and societyhave accelerated in 2020, leading to increased investor demand for strategies that go beyond traditional sector, market capitalization and geographic classifications.
To help clients seek exposure to these transformative forces, BlackRockis expanding its Megatrend suite by introducing three active transparent exchange traded funds (ETFs) managed by experienced investors from BlackRock's Fundamental Active Equity franchise and one index-tracking ETF. The funds are designed to provide unique exposure to technology and healthcare innovation.
Active Transparent ETFs:
BlackRock Future Health ETF -Provides access to innovative and emerging companies in the healthcare sector.
Lead Portfolio Manager: Erin Xie, PhD
Reference Benchmark: MSCI All Country World Index (ACWI)
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Source: BlackRock
Fed Caps Big Banks' Dividends, Halts Share Buybacks in Fourth Quarter
September 30, 2020--Central bank extends restrictions on dividends, buybacks, amid cloudy economic outlook
The biggest U.S. banks will face restrictions on dividends and share buybacks for another three months, the Federal Reserve said Wednesday, citing the need to conserve capital during the coronavirus-induced downturn.
The Fed said it would maintain prohibitions on share buybacks and a cap on dividend payments by 33 banks with more than $100 billion in assets until the end of year. The restrictions, imposed for the third quarter, were due to expire Wednesday.
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Source: wsj.com
DTCC Outlines Steps to Achieve Complete Dematerialization of Physical Securities in the U.S.
September 29, 2020--DTCC is building consensus among stakeholders on critical next steps to fully transition securities processing from physical certificates to electronic records.
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today issued its latest whitepaper, "From Physical to Digital: Advancing the Dematerialization of U.S. Securities," outlining the necessary steps to reduce, and ultimately eliminate, certificated U.S. securities.
Dematerialization, the transition from physical certificates to electronic records, would reduce the risks and costs associated with manual processing and human touchpoints, as well as increase efficiency and resiliency across the industry at a time when automation is more important than ever. Today, less than 1% of assets serviced by DTCC, through the firm's subsidiary The Depository Trust Company ("DTC"), are still in physical form, but they represent $780 billion dollars in value.
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Source: dtcc.com
U.S. SEC proposes new rules to alleviate electronic trading risk to fixed-income market
September 28, 2020--The U.S. Securities and Exchange Commission on Monday proposed new rules for electronic trading platforms for U.S. Treasuries, corporate debt and municipal securities, aimed at improving transparency and operational preparedness in the world's biggest securities market.
The proposal, which would be subject to public consultation, aims to address concerns about the shift to alternative trading systems (ATS) that trade government securities as well as the repurchase and reverse repurchase agreements on those securities.1.
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Source: reuters.com
