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Covid Supercharges Federal Reserve as Backup Lender to the World
August 3, 2020--When the coronavirus halted the global economy, the U.S. central bank lent massively to foreign counterparts
When the coronavirus brought the world economy to a halt in March, it fell to the U.S. Federal Reserve to keep the wheels of finance turning for businesses across America.
And when funds stopped flowing to many banks and companies outside America's borders-from Japanese lenders making bets on U.S. corporate debt to Singapore traders needing U.S. dollars to pay for imports-the U.S. central bank stepped in again.
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Source: wsj.com
U.S. long bond demand raises prospect of whole curve yielding below 1%
August 3, 2020--A decline in U.S. Treasury yields over recent weeks has investors eyeing the approach of an unusual phenomenon-the entire U.S. yield curve sinking below 1%.
Policymakers are looking to position the country to recover once the COVID-19 pandemic eases and allows the Fed to raise interest rates again. But those steps look a long way off as the virus continues to spread and talks on a new aid bill in Washington drag out.
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Source: reuters.com
OCC To Lower Costs for Users of U.S. Equity Derivatives Markets
August 3, 2020--Announces Fee Reduction, Projected Year-End Refund for Clearing Member Firms Will Seek Regulatory Approval to Amend Capital Management Policy with Persistent Amount of "Skin-in-the-Game"
As part of its commitment to deliver operational excellence to the users of the U.S. equity derivatives markets, OCC, the world's largest equity derivatives clearing organization, today announced a reduction in clearing fees, a projected year-end refund for clearing member firms, and its intention to seek regulatory approval from the U.S. Securities and Exchange Commission (SEC) to amend its Capital Management Policy with a persistent minimum amount of "skin-in-the-game."
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Source: OCC (Options Clearing Corporation)
TrueMark Launches Second Structured Outcome ETF
August 3, 2020--AUGZ is the second monthly fund in True-Shares' Structured Outcome product suite
Continuing on the successful listing of JULZ, TrueMark Investments today launched AUGZ, the second ETF in the True-Shares structured outcome product suite.
The TrueShares Structured Outcome (August) ETF is sub-advised by SpiderRock Advisors, a Chicago-based asset management firm specializing in option overlay strategies.
The fund seeks to provide investors with structured outcome exposure to the S&P 500 Price Index. TrueMark, a Rosemont, IL-based asset manager, believes its structured outcome ETF suite is the first of its kind to offer built-in downside buffers with uncapped upside participation.1
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Source: true-shares.com
Treasury Market Fired Up to Vault Over Biggest Supply Hurdle Yet
August 2, 2020--Refunding expected to ramp up issuance of longer maturities
'These things are still getting gobbled up'
Long-dated bonds are all the rage right now. Luckily there's no shortage of supply on the way.
The U.S. Treasury will announce its borrowing plans for the next three months this week, with that blueprint expected to show a shift from astronomical bill issuance --close to $2.5 trillion-- to record sales of notes and bonds. Wall Street seems to agree that the department will lean on the 10-, 20- and 30-year maturities as it fills an historic funding gap that the pandemic is blowing wider.
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Source: bloomberg.com
Fed Weighs Abandoning Pre-Emptive Rate Moves to Curb Inflation
August 2, 2020--Central bankers look to change long-running strategy to encourage lower rates, shift unemployment-inflation dynamic.
The Federal Reserve is preparing to effectively abandon its strategy of pre-emptively lifting interest rates to head off higher inflation, a practice it has followed for more than three decades.
Instead, Fed officials would take a more relaxed view by allowing for periods in which inflation would run slightly above the central bank's 2% target, to make up for past episodes in which inflation ran below the target.
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Source: waj.com
The anatomy of a very brief bear market
August 2, 2020--The Covid-19 economy has had many unprecedented events packed into a few months, but none more extraordinary than the switchback in global equities.
The advanced economies experienced a savage but brief bear market up to 23 March, followed by a spectacular recovery that eliminated all the year-to-date losses within 17 more weeks.
Any investor who succeeded in navigating both legs of this reversal was either very skilled, or very lucky.
Economists are already investigating the episode-what have they learnt?
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Source: technocodex.com
State Street lashes out at new US ESG rule
August 2, 2020--State Street Global Advisors, the world's third-largest asset manager, has lambasted a proposed US rule on the use of environmental, social and governance investing across pension portfolios, arguing it could jeopardise the retirement incomes of millions of people.
In June, the Department of Labor set out plans for a rule that would require private pension administrators to prove that they were not sacrificing financial returns by putting money in ESG-focused investments.
But the $3tn asset manager said it did not support the change, joining a growing chorus of organisations and investors calling for the DoL to roll back its proposals.
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Source: technocodex.com
Top fund firms oppose planned U.S. roadblock to green retirement funds
July 31, 2020--Top asset managers including Vanguard Group, State Street Corp and Franklin Resources have urged the Trump administration to reconsider proposed investment rules that would make it harder for retirement plans to use socially focused funds like those that invest in renewable energy.
Letters to the U.S. Labor Department from firms with assets approaching $10 trillion show how the finance industry has embraced causes once seen as distractions. Representatives of the firms showed the letters to Reuters on Thursday.
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Source: reuters.com
CFTC.gov Commitments of Traders Update
July 31, 2020--The current reports for the week of July 28, 2020 are now available
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CFTC.gov
