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IMF-United States of America: Staff Concluding Statement of the 2018 Article IV Mission
June 14, 2018--The Macroeconomic Outlook
The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions.
These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment. However, despite good near-term prospects, a number of vulnerabilities are being built-up for the medium-term.
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Source: IMF
Canadian securities regulators seek second round of input on proposed business conduct rules for derivatives dealers and advisers
June 14, 2018--The Canadian Securities Administrators (CSA) today published a notice and second request for comment (the Notice) on Proposed National Instrument 93-101 Derivatives: Business Conduct and Proposed Companion Policy 93-101 CP Derivatives: Business Conduct (collectively, the Proposed Instrument).
The Proposed Instrument establishes a business conduct regime for regulating dealers and advisers in over-the-counter (OTC) derivatives in Canada.
The Proposed Instrument was originally published for comment on April 4, 2017 (the first consultation).
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Source: Canadian Securities Administrators
Amplify ETFs Launches the Amplify EASI Tactical Growth ETF (NYSE Arca: EASI)
June 14, 2018--Amplify ETFs Launches the Amplify EASI Tactical Growth ETF (NYSE Arca: EASI)
Rotates Between High Quality Growth Stocks and Fixed Income
Amplify ETFs announces the launch of the Amplify EASI Tactical Growth ETF (NYSE Arca: EASI), an index-based ETF that seeks to participate in the upside of high quality growth companies during upward trending equity markets while tactically rotating to fixed income in downward trending equity markets. EASI seeks investment results that generally correspond to the EASI Tactical Growth Index (the "Index").
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Source: Amplify ETFs
Is Your Alpha Big Enough to Cover Its Taxes? A Quarter-Century Retrospective
June 14, 2018--Investors and their advisors must be alert to managing both pre-tax and after-tax alpha in order for investors to realize the highest possible return from their taxable portfolios.
Increasingly, the opportunities to accomplish both goals are within reach of investors through, for example, tax-advantaged smart beta strategies and tax-efficient vehicles such as ETFs.
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Source: Research Affiliates
U.S. Weekly FundFlows Insight Report: Despite a Fed Rate Hike, Investors Are Net Purchasers of Taxable and Tax-Exempt Fixed Income Funds and ETFs for the Week
June 14, 2018--For the first week in eight investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing a little more than $26.3 billion for Thomson Reuters Lipper's fund-flows week ended June 13, 2018.
As a result of general caution ahead of the G-7 summit, central bank meetings, and the Singapore summit scheduled for the week, fund investors were net redeemers of equity funds (-$9.7 billion) and, perhaps surprisingly, money market funds (-$18.1 billion). Despite the interest rate hike by the Federal Reserve Board, taxable bond funds (+$1.0 billion) were net recipients of investor assets, followed by municipal bond funds (+$450 million).
Market Wrap-Up
During the flows week investors were reserved ahead of the G-7 summit, the upcoming central bank meetings, and the much-anticipated meeting between President Donald Trump and North Korean leader Kim Jong Un scheduled during the week.
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Source: Thomson Reuters
The Forum at ETF Research Center-June 2018
June 13, 2018--The ETF Analyzer, Sector SPDR Edition for June 2018 is ready for download. This monthly publication has succinct one-page reports on each of the 10 Select Sector SPDR ETFs in three easy-to-read sections: Investment Summary, Fundamentals, and Composition.
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Source: AltaVista Research
AdvisorShares Active ETF Market Share Update-Week Ending 6/8/2018
June 13, 2018--Assets in actively managed ETFs added $733 million last week to reach $57.16 billion in total net assets.
JP Morgan led new AUM growth with $319 million followed by ARK Investment, which gained $151 million. Six funds launched last week to lift the total of actively managed ETFs currently trading to 232.
At the strategy level, Short Term Bond recognized the largest inflows with $292 million, followed by Global Equity with a $173 million gain.
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Source: AdvisorShares
First Trust RBA Quality Income ETF Announces Changes to Investment Objective, Fund Name, Ticker Symbol and Management Fee
June 13, 2018--First Trust RBA Quality Income ETF (Nasdaq: QINC) (the "Fund"), an exchange-traded index fund and a series of First Trust Exchange-Traded Fund VI (the "Trust"), announced today that the Board of Trustees ("Board") of the Trust has approved changes to the Fund's investment objective.
On or around September 5, 2018, the Fund will seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Nasdaq Dorsey Wright Momentum + Yield Index (the "New Index") and normally will invest at least 90% of its net assets (including investment borrowings) in securities comprising the New Index. The New Index will be developed, maintained and sponsored by the Nasdaq Stock Market, LLC ("Nasdaq").
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Source: First Trust
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 12-13 FOMC meeting
June 13, 2018--The following table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 12-13 meeting.
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Source: federalreserve.gov
Federal Reserve issues FOMC statement
June 13, 2018--Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has declined.
Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow strongly. On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent. Indicators of longer-term inflation expectations are little changed, on balance.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term. Risks to the economic outlook appear roughly balanced.
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Source: federalreserve.gov
