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CBO-Monthly Budget Review: July 2021
August 9, 2021--The federal budget deficit was $2.5 trillion in the first 10 months of fiscal year 2021, CBO estimates-$269 billion less than the deficit during the same period last year.
Summary
The federal budget deficit was $2.5 trillion in the first 10 months of fiscal year 2021, the Congressional Budget Office estimates-$269 billion less than the deficit recorded during the same period last year. Although outlays rose by an estimated $225 billion (or 4 percent), revenues rose more-by an estimated $494 billion (or 17 percent).
Programs and policies implemented in response to the coronavirus pandemic-notably, refundable tax credits (particularly the recovery rebates), expanded unemployment compensation, and the Small Business Administration's Paycheck Protection Program-substantially boosted spending, both this year and last year.
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Source: cbo.org (Congressional Budget Office)
How two competing cryptocurrency policies began a conversation on digital rights
August 8, 2021-The $1 trillion infrastructure bill could change how cryptocurrency is taxed.
Senate deliberations continued over the weekend over a $1 trillion infrastructure bill, with a particular focus on how the bill could impact the world of cryptocurrency.
The infrastructure bill, known as HR 3684, allocates money to build roads, bridges, transportation systems, and support clean energy, among other developments. The bill includes a tax provision that outlines plans to raise about $28 billion for that $1 trillion package through taxes from crypto transactions.
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Source: vox.com
Say Goodbye to the 1% Investment-Adviser Fee?
August 7, 2021--Investors who don't want to pay the traditional 1% of assets for financial advice have an increasing number of alternatives
Keith Rudman used to pay hundreds of thousands of dollars annually to an adviser who charged him a fee on managed assets.
Four years ago, the 62-year-old North Carolina resident got rid of the money manager and moved his eight-figure taxable portfolio into passive investments. Mr. Rudman now uses a planning firm that charges by the hour for advice on everything from tax-loss harvesting of investments to estate planning.
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Source: wsj.com
Effects of Physical Infrastructure Spending on the Economy and the Budget Under Two Illustrative Scenarios
August 6,2021--Summary
Increases in physical infrastructure spending would boost private-sector productivity in the coming decades,contributing to economic growth that could lower the budgetary cost of that spending.
To study such increases,the Congressional Budget Office examined two illustrative scenarios that would boost federal funding for a mix of types of physical infrastructure by $500 billion over 10 years. (Those funds would not all be spent within 10 years.) The same broad mix of physical capital is funded in both scenarios,neither of which corresponds to a specific legislative proposal. CBO compared outcomes under each scenario with those from its projections for the economy and the budget if current laws governing taxes and spending generally remained unchanged.
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Source: CBO (Congressional Budget Office)
Bets against Cathie Wood's flagship ETF hit record high
August 6, 2021--Investors are beginning to lose faith, analysts say, after stellar run in 2020
Short sellers have ramped up bets against Cathie Wood's flagship Ark innovation fund as belief in its strategy shows signs of faltering.
A record 12 per cent of the ARKK exchange traded fund's shares are being shorted by investors betting on a decline-a bet worth more than $2.7bn on August 3,according to S3 Partners a specialist data provider. A year ago the tally stood at just $40m.
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Source: ft.com
Crypto community slams 'disastrous' new amendment to Biden’s big infrastructure bill
August 6, 2021--Biden's major bipartisan infrastructure plan struck a rare chord of cooperation between Republicans and Democrats, but changes it proposes to cryptocurrency regulation are tripping up the bill.
The administration intends to pay for $28 billion of its planned infrastructure spending by tightening tax compliance within the historically under-regulated arena of digital currency. That's why cryptocurrency is popping up in a bill that's mostly about rebuilding bridges and roads.
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Source: techcrunch.com
How the Fed's digital currency could displace crypto
August 5, 2021--The Boston Fed and MIT are building a CBDC from scratch that aims to usurp existing tokens
When the Federal Reserve holds its Jackson Hole meeting later this month, economists will need to discuss one big experiment: can Fed officials prepare markets for a "taper" of loose monetary policy, without sparking a shock?
This matters deeply in the short term. But there is a second, longer-term debate which investors should also watch: how soon can the Fed create an effective central bank digital currency?
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Source: SEC.gov
Gensler's Preference for Bitcoin Futures Products Is Likely Bad News for a Spot BTC ETF
August 5, 2021--U.S. Securities and Exchange Commission Chairman Gary Gensler's comments this week have some digital asset managers realizing that the excitement in the first half of the year for a true bitcoin exchange-traded fund (ETF) may have been premature.
In remarks at the Aspen Security Forum on Tuesday, Gensler noted that he would be partial to ETFs based on bitcoin futures traded on the Chicago Mercantile Exchange (CME).
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Source: finance.yahoo.com
Companies dole out stocks and ETFs as perks to loyal customers
August 5, 2021--AT&T's Cricket Wireless ties up with micro-investing app Acorns to reduce churn among pre-paid phone users.
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Source: ft.com
Nuveen enters active ETF market, bolstering lineup with three semi-transparent actively managed funds
August 5, 2021--Three flagship, high-conviction equity strategies are now available both as a mutual fund and as an ETF.
With this launch, Nuveen underscores a longstanding commitment to innovation and to providing choice and flexibility in helping investors achieve their goals
Nuveen today launched its first suite of active semi-transparent Exchange Traded Funds (ETFs). Already available as mutual fund strategies, the three semi-transparent active ETFs combine the structural advantages of both the ETF and mutual fund wrappers, with the objective of helping clients meet their financial goals through the investment vehicle of their choice.
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Source: Nuveen
