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Fed Discloses More Corporate Bond and ETF Purchases
July 10, 2020--The Federal Reserve bought about $1.3 billion face value of corporate bonds from June 17-26, boosting its purchases under a market stabilization buying program to about $1.5 billion at the time, according to disclosures Friday.
The Fed bought a much larger swath of bonds as part of its plan to build a portfolio of about 794 companies that tracks a broad market index. The market value of corporate bond exchange-traded funds bought by the Fed as part of the program also increased by about $1.2 billion to $8 billion ...
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Source: wsj.com
Trump says he's no longer considering phase-two trade deal with China
July 10, 2020--President Trump on Friday said he is no longer confident about negotiating a phase-two trade deal with China, noting that the coronavirus pandemic has damaged the countries' already-strained relationship.
Why it matters: The president's remarks throw both the future of the U.S.-China trade war and the first phase of the deal that the two countries signed in January into limbo.
What they're saying: "I don’t think about it now," Trump told reporters on Air Force One Friday in response to questions about phase two of the pact, per a White House pooler.
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Source: axios.com
CFTC.gov Commitments of Traders Update
July 10, 2020--The current reports for the week of July 07, 2020 are now available.
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Source: CFTC.gov
Most hedge funds to be allowed to keep equity holdings secret
July 10, 2020--US regulator set to sweep away quarterly disclosure requirements for all but largest managers.
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Source: FT.com
Wells Fargo Preparing to Cut Thousands of Jobs: Bloomberg Law
July 9, 2020-- Wells Fargo & Co is preparing to cut thousands of jobs starting later this year, Bloomberg Law reported on Thursday, citing people familiar with the matter.
The company's plans will eventually result in eliminating tens of thousands of positions due to pressure to "dramatically reduce costs", the report said.
Wells Fargo, the fourth-largest U.S. lender by assets, is leaning on cost cuts to stabilize its bottom line as it recovers from a raft of fines and costs relating to sales abuses first uncovered in 2016 and mounting loan loss provisions due to the coronavirus-driven economic downturn.
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Source: money.usnews.com
Top U.S. market's audit watchdog gives gloomy forecast for quality bookkeeping at U.S.-listed Chinese firms
July 9, 2020--An official with the U.S. Securities and Exchange Commission's (SEC) accounting oversight arm on Thursday said it sees "no prospects" of being able to properly do its job overseeing disclosures and preventing accounting fraud in China, amid ongoing consideration by the Trump administration of how to stave off the possible investor risk.
The comments by William Duhnke, chairman of the Public Company Accounting Oversight Board (PCAOB), comes as the latest in a series of statements in response to pressure from the White House and lawmakers to reduce the perceived risks Chinese companies pose to U.S. investors.
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Source: reuters.com
Goldman Sachs Asset Management Launches Investment Grade Corporate 1-5 Year Bond Exchange-Traded Fund
July 9, 2020--Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF Offers Smart Beta Exposure to Bond Markets
GSAM today announced the launch of GSIG, an exchange-traded fund ("ETF") that seeks to offer smart beta exposure to 1-5-year investment grade corporate
bonds.
GSIG is competitively priced to investors at 14 basis points and is
GSAM's sixth Access fixed income ETF.
GSIG is the second investment grade corporate bond ETF-focused on bonds at the front end of the yield curve with 5-year maturities or shorter. The first investment grade corporate bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB), gives broader exposure to the investment grade corporate bond market.
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Source: bloomberg.com
Citadel Securities Says Retail Is 25% of the Market During Peaks
July 9, 2020--Citadel Securities, the market-maker that counts Ken Griffin as its largest owner, said retail traders now account for about a fifth of stock-market trading and as much as a quarter on the most active days.
"Some of that is obviously triggered by structural changes like zero commissions," while pandemic-related volatility has also increased retail trades, Joe Mecane, Citadel Securities' head of execution services, said Thursday in a Bloomberg Television interview. "We continue to see retail investors becoming a more significant liquidity source in the marketplace."
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Source: bloomberg.com
CBO-Monthly Budget Review for June 2020
July 8, 2020--The federal budget deficit in June 2020 was $863 billion, compared with a deficit of $8 billion in the same month last year, CBO estimates. That increase stems from the economic disruption caused by the 2020 coronavirus pandemic and from the federal government’s response to it, including actions by the Administration and the enactment of four pieces of legislation.
Outlays by the Small Business Administration-which oversees the recently established Paycheck Protection Program-contributed significantly to the June deficit this year, accounting for almost half of the government’s spending.
In 2019, some federal payments were shifted from June to May because June 1 fell on a weekend; no such shift occurred this June. If not for those shifts in the timing of payments, the deficit in June 2020 would have been $805 billion more than the deficit last June, CBO estimates.
Fed withdraws from repo market after 10 months
July 8, 2020--The US Federal Reserve's unprecedented 10-month intervention in short-term borrowing markets has been wound down, after the central bank successfully tamed volatile funding costs that had threatened to cause disruption across the financial system.
The volume of the Fed's operations in the repo market, where investors swap high-quality collateral like US Treasuries for cash, fell to zero this week after the central bank's latest 28-day loan matured on Tuesday, taking a final $53.2bn out of the market.
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Source: technocodex.com
