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U.S. yield inversion deepens, stokes recession fears
August 27, 2019--The U.S. yield curve inversion deepened on Tuesday to levels not seen since 2007, rekindling fears of a looming recession that spurred a sell-off on Wall Street and stoked even more safe-haven demand for government bonds.
The intense interest in Treasuries supported demand for $40 billion worth of two-year government debt for sale, part of this week's $113 billion fixed-rate Treasury supply.
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Source: Reuters
Fee Rate Advisory #1 for Fiscal Year 2020
August 23, 2019---The Securities and Exchange Commission today announced that in fiscal year 2020 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $129.80 per million dollars.
Background
The securities laws require the Commission to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934.
The Commission must set rates for the fees paid under Section 6(b) to levels that the Commission projects will generate collections equal to annual statutory target amounts. The Commission's projections are calculated using a methodology developed in consultation with the Congressional Budget Office and the Office of Management and Budget. The statutory target amount for fiscal year 2020 is $705 million. The annual adjustment to the fee rate under Section 6(b) also sets the annual adjustment to the fee rates under Sections 13(e) and 14(g).
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Source: SEC.gov
CBO's Updated Economic Forecast for the 2019-2029 Period
August 23, 2019--On Wednesday, the Congressional Budget Office released An Update to the Budget and Economic Outlook: 2019 to 2029. The report contains CBO's latest economic forecast, which reflects recent economic developments and incorporates changes in federal fiscal and trade policies.
If current laws governing federal taxes and spending generally remained in place, the economy would expand by 2.3 percent this year and then grow at an average annual rate of 1.8 percent over the next decade, CBO projects. In CBO's projections, economic growth gradually slows from 2019 to 2023. From 2024 to 2029, economic growth is largely determined by underlying trends in the growth of the labor force and productivity.
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Source: Congressional Budget Office (CBO)
Fears grow that softer Volcker rule will stoke Wall Street risk
August 22, 2019--While Wall Street has long lobbied against the legislation, which it sees as imposing an unnecessary compliance burden, supporters of the original rule fear the overhaul is a step in the wrong direction.
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Source: FT.com
Minutes of the Federal Open Market Committee, July 30-31, 2019
August 21, 2019--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 30-31- 2019.
August 20, 2019--Information received since the Federal Open Market Committee met in June indicates that the labor market remains strong and that economic activity has been rising at a moderate rate.
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending has picked up from earlier in the year, growth of business fixed investment has been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.
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Source: federalreserve.gov
US farmers have high hopes for hemp crops
August 21, 2019--Demand for cannabidiol could see the market expand to $20bn in 5 years
Trade wars have crushed US grain sales. Tobacco is in terminal decline. However,, for farmers in Kentucky the future may lie in a crop of the...
However, for farmers in Kentucky the future may lie in a crop of the past: hemp. The fibrous plant once prized for rope and sailcloth is poised for a second life as a source of cannabidiol, or CBD, a substance added to everything from hamburgers to dog treats, which enthusiasts claim has therapeutic qualities.
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Source: FT.com
Mexico-Systematic Country Diagnostic
August 20, 2019--The development process in Mexico has been partly framed by a set of defining characteristics as well as by significant economic reforms during recent decades.
The country has established a strong track record of prudent macroeconomic policies. The Central Bank and the Ministry of Finance have delivered stable and sustainable monetary and fiscal policies, and garnered high credibility in international markets.
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Source: World Bank
First Trust Launches the First Trust EIP Carbon Impact ETF
August 20, 2019--August 20, 2019--An actively managed ETF that offers impactful investing with exposure to companies that may have a role in mitigating climate change.
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched the First Trust EIP Carbon Impact ETF (NYSE Arca: ECLN) (the "fund").
The fund is managed and sub-advised by Energy Income Partners, LLC ("EIP") and seeks to achieve a competitive risk-adjusted total return, balanced between dividends and capital appreciation, by investing in the equity securities of companies that currently have, or are seeking to have, a positive carbon impact.
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Source: First Trust
Stock whiplash spurs worst run of ETF withdrawals in 6 months
August 19, 2019--A volatile few months for global stock markets is taking its toll on exchange-traded funds.
Almost US$18 billion fled U.S.-listed equity ETFs during the past three weeks, the most since February, according to data compiled by Bloomberg Intelligence.
Investors pulled more than US$3.5 billion in the five days through Aug. 16, capping what was also the longest run of weekly withdrawals in six months.
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Source: Bloomberg
USCF Announces Fee Reduction On Their Exchange Traded Funds (Tickers: SDCI, BUY, BUYN)
August 16, 2019--USCF announced today that it implemented fee waivers for all three of its exchange-traded funds (ETFs) effective August 15, 2019: the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), the USCF SummerHaven SHPEI Index Fund (BUY) and the USCF SummerHaven SHPEN Index Fund (BUYN).
The fee waivers for the three ETFs will remain in effect until October 31, 2020 and may be renewed in the future with approval of the Board of Trustees of USCF ETF Trust.
SDCI is a broad commodity fund that uses the same index for its benchmark as the United States Commodity Index Fund (USCI).
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Source: USCF
