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CFTC's Interest Rate Benchmark Reform Subcommittee Issues User Guide for the Transition of Exchange-Traded Derivatives Activity to SOFR
December 16, 2021--The Interest Rate Benchmark Reform Subcommittee, a subcommittee of the Commodity Futures Trading Commission's Market Risk Advisory Committee (MRAC), today issued a user guide for the transition of newly-executed exchange-traded derivatives from LIBOR to the Secured Overnight Financing Rate (SOFR) pursuant to the MRAC's approval of the SOFR First Initiative at its July 13, 2021 meeting. Acting Chairman Rostin Behnam is the sponsor of MRAC.
SOFR First, a series of market best practice recommendations, is a four-phase initiative that represents a prioritization of trading in SOFR rather than USD LIBOR for particular market segments and products, which is designed to help market participants decrease reliance on USD LIBOR in light of US banking supervisory guidance that such activity should cease as soon as practicable and in any event by December 31, 2021.
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Source: cftc.gov
Federal Reserve Board and Federal Open Market Committee release economic projections from the December 14-15 FOMC meeting
December 15, 2021--The following tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the December 14-15 meeting.
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Source: federalreserve.gov
Federal Reserve issues FOMC statement
December 15, 2021--The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months but continue to be affected by COVID-19. Job gains have been solid in recent months, and the unemployment rate has declined substantially.
Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy continues to depend on the course of the virus. Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain, including from new variants of the virus.
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Source: federalreserve.gov
CBO-Monthly Budget Review: December 2021
January 10, 2021--Summary
The federal budget deficit was $377 billion in the first quarter of fiscal year 2022, the Congressional Budget Office estimates-$196 billion less than the deficit recorded during the same period last year, and slightly larger than the deficit recorded during the same period two years ago, right before the start of the coronavirus pandemic.
Revenues were $248 billion (or 31 percent) higher and outlays were $52 billion (or 4 percent) more in October through December 2021 than during the same period last fiscal year.
As was the case in fiscal year 2021, outlays increased in the first quarter of this fiscal year because certain payments that otherwise would have been due on January 1, a holiday, were instead made in December. Last year, certain Social Security payments (totaling $24 billion) that were due January 3 also were shifted to December 2020 because January 3 fell on a Sunday. This year, by contrast, there was no such shift: January 3 was a Monday. If those various shifts had not occurred, the first-quarter deficit (through December 2021) in fiscal year 2022 would have been $353 billion, or $174 billion less than the first-quarter deficit (through December 2020) of $526 billion in fiscal year 2021, a decrease of 33 percent.
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Source: CBO(Congreaaional Budget Office)
Investment advisers surpass retail as biggest holders of US-listed ETFs
December 10, 2021--Retail ownership slips below 40% as institutional investors begin using products to build portfolios
Investment advisers have eclipsed retail traders to become the largest owners of US exchange traded funds, highlighting how professional investors are increasingly using the vehicles to build portfolios.
Nearly two-fifths of US-listed ETFs by value are now owned by investment advisers, according to research compiled by Citigroup. Five years ago, this figure stood at a little over 35 per cent, the bank's data show, drawing on quarterly filings made by institutions to detail their US equity holdings.
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Source: ft.com
Gensler wants SEC to consider new rules to rein in SPACs
December 9, 2021--The investing public may not be getting like protections between traditional IPOS and SPACs', Gensler warned
U.S. federal regulators may be on track to enact strict new rules governing the use of blank-check companies to bring private companies public, an increasingly popular strategy that critics say can enrich insiders at the expense of retail investors.
"Currently I believe the investing public may not be getting like protections between traditional IPOS and SPACs," Securities and Exchange Commission Chairman Gary Gensler said during a speech at the Healthy Markets Association Conference Thursday.
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Source: marketwatch.com
Amplify ETFs Launches the Amplify BlackSwan Tech & Treasury ETF (NYSE Arca: QSWN)
December 9, 2021--QSWN Expands Suite of BlackSwan ETFs to Help Investors Manage Risk While Staying Invested
Amplify ETFs announces the launch of the Amplify BlackSwan Tech & Treasury ETF (NYSE Arca: QSWN), an index-based ETF that seeks to hedge against significant losses while still participating in technology & growth equities (without an artificial cap).
QSWN invests in a combination of two low-correlated asset classes: U.S. Treasury securities and long-term options (LEAPS) on a security that tracks the Nasdaq 100 Index.
QSWN expands the firm's suite of BlackSwan ETFs, providing investors with large-cap technology and growth companies with a built-in hedged approach. The other BlackSwan ETFs, SWAN and ISWN, have together amassed close to $1 billion in assets. Launched in 2018, SWAN has shown to be an attractive risk-managed investment in the marketplace. ISWN, launched earlier this year, provides access to international equities
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Source: Amplify ETFs
CBO-Monthly Budget Review: November 2021
December 8, 2021--Summary
The federal budget deficit totaled $358 billion in October and November 2021, the first two months of fiscal year 2022, the Congressional Budget Office estimates. That amount is $71 billion less than the deficit recorded during the same period last year.
Revenues were 24 percent higher than during the same period in fiscal year 2021; outlays increased by 4 percent.
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Source: CBO (Congressional Budget Office)
Santander to launch an ETF robo-adviser with SigFig
December 8, 2021--The plans, revealed in a regulatory filing, did not specify which ETFs had been selected for the portfolios
Santander is preparing to launch a pure-play robo-adviser with SigFig, a digital adviser and technology provider, a recent regulatory filing shows.
Clients who use the robo, Santander PathFinder, will be slotted into model portfolios created by SigFig that are composed of ETFs, the bank disclosed in November. The filing did not specify which ETFs had been selected for the portfolios. However, the ETF models available will range from conservative to aggressive.
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Source: ft.com
PGIM Investments launches total return bond ETF and ESG high yield mutual fund
December 8, 2021--Actively managed funds expand access to core-plus and environmental, social, governance strategies.
PGIM Investments has launched two new bond funds-the PGIM Total Return Bond ETF and PGIM ESG High Yield Fund-expanding access to its flagship core-plus bond strategy and providing a high-yield option for fixed income investors committed to environmental, social and governance (ESG) investing principles. PGIM is the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
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Source: PGIM Investments LLC
