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Inverted Yield Curve Is Telling Investors What They Already Know
March 24, 2019--Long-term bond yields plunging below short-term ones is a good predictor of Fed rate cuts and an economic slowdown-but a recession is no guarantee .
The market's most reliable recession indicator is finally flashing red. With the Treasury yield curve inverting on Friday-the 10-year yield fell sharply to be lower than the three-month for the first time since 2007-is it finally time to prepare for an economic downturn?
The answer is nuanced. It is true that the yield curve is the best forecasting tool for recessions, having inverted before each of the last seven recessions as measured by the National Bureau of Economic Research.
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Source: Wall Street Journal
BlackRock's iShares Launches Factor Rotation, Value ETFs
March 22, 2019--BlackRock Inc.'s iShares unit, the world's largest issuer of exchange traded funds, added to its already expansive ETF lineup Thursday with two funds.
The new funds are an actively managed factor rotation strategy and a new, passive take on value investing.
What Happened
The BlackRock U.S. Equity Factor Rotation ETF (NYSE:DYNF) is the new, actively managed factor rotation fund. DYNF "seeks to outperform the investment results of the large- and mid-capitalization U.S. equity markets by providing diversified and tactical exposure to style factors via a factor rotation model," according to iShares.
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Source: benzinga.com
CFTC.gov Commitments of Traders Reports Update
March 22, 2019--The current reports for the week of March 22, 2019 are now available.
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Source: CFTC.gov
Federal Reserve System publishes annual financial statements
March 22, 2019--The Federal Reserve Banks' 2018 earnings were approximately $63.1 billion, representing a decrease of $17.6 billion from 2017. The Reserve Banks provided for remittances to the U.S. Treasury of $65.3 billion in 2018, including two lump-sum payments totaling approximately $3.2 billion that were necessary to reduce the aggregate Reserve Bank capital surplus to $6.8 billion as required by the Bipartisan Budget Act of 2018 and the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Interest income on securities acquired through open market operations totaled $112.3 billion, a decrease of $1.3 billion from the previous year.
The Federal Reserve System on Friday released the 2018 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent public accounting firm engaged by the Board has issued unqualified opinions on the financial statements and on the Board's and the Bank's internal controls over financial reporting. The audited financial statements provide information about the assets, liabilities, and earnings of the Reserve Banks and the Board as of December 31, 2018.
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Source: federalreserve.gov
RBC Global Asset Management announces unitholder approval for changes to RBC Index ETFs and RBC Index Funds and further details regarding termination of the RBC Emerging Markets Equity Index ETF
March 22, 2019--RBC Global Asset Management Inc.("RBC GAM Inc.") today announced that unitholders have approved the mergers of five RBC Index ETFs, the change in investment fund manager from RBC GAM Inc. to BlackRock Asset Management Canada Limited ("BlackRock Canada") for the RBC Global Government Bond (CAD Hedged) Index ETF and changes to the investment objectives of the RBC Index Funds.
RBC GAM Inc. also announced further details regarding the termination of the RBC Emerging Markets Equity Index ETF.
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Source: RBC Global Asset Management
Exchange Traded Concepts Launches The Net Lease Corporate Real Estate Exchange Traded Fund
March 22, 2019--Exchange Traded Concepts, LLC, ("ETC") a leader in providing white label Exchange Traded Fund (ETF) solutions, in conjunction with Fundamental Income, today announced that it has launched the NETLease Corporate Real Estate ETF (NYSE ARCA: NETL).
The NETL ETF is uniquely focused solely on Net Lease Real Estate Investment Trusts (REITs), which is one of the fastest growing sectors within the REIT space. This pure-play Net Lease REIT ETF encompasses a variety of REITs that provide sustainable cash flows by leasing their properties through long-term contractual leases on a triple-net lease basis. The leases have terms that are generally 10 years or longer, predetermined rental rate increases, and minimal landlord responsibilities.
view more RBC iShares launches its first set of ETFs under new partnership view more U.S. Weekly FundFlows Insight Report: Fund Investors Inject Net New Money into Long-Term Assets for the Week
Market Wrap-Up
view more Transamerica Launches DeltaShares S&P EM 100 & Managed Risk ETF, Expanding the DeltaShares Suite of Strategic Beta ETFs view more
In an attempt to gain regulatory approval for a Bitcoin exchange traded fund (ETF), Bitwise Asset Management attacked the accuracy of data listed on cryptocurrency tracking site CoinMarketCap.com. The claim came in a study filed with the U.S. Securities and Exchange Commission and made public on March 21.
Source: modernconsensus.com
March 21, 2019--RBC iShares, the country's largest ETF provider, is debuting its first set of funds since Canada's largest bank, Royal Bank of Canada, and BlackRock Inc. joined forces earlier this year.
BlackRock Asset Management Canada Ltd. and RBC Global Asset Management Inc., under its joint partnership RBC iShares, begin trading six new exchange-traded funds on the Toronto Stock Exchange on Thursday. The funds target socially conscious investors who are looking for broad-based index ETFs in which environmental, social and governance (ESG) factors are integrated into the investment process-what BlackRock calls "sustainable core" ESG funds.
Source: theglobeandmail.com
March 21, 2019--For the first week in four, investors were overall net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $24.1 billion for Lipper's fund-flows week ended March 20, 2019. However, the headline numbers are slightly misleading.
Fund investors were net purchasers of taxable fixed income funds (+$6.6 billion), equity funds (+$3.6 billion), and municipal bond funds (+$1.4 billion), while being net redeemers of money market funds (-$35.7 billion, their largest weekly net outflows since June 20, 2018).
Markets remained range-bound, but in most cases continued their upward trek during the fund-flows week, with investors applauding the Federal Open Market Committee's decision to keep rates unchanged and confirming its cautious approach to future interest rate hikes. Investors, however, still kept a cautious eye on mixed stories around the continued China/U.S. trade negotiations.
Source: Refinitiv
March 21, 2019--Transamerica Asset Management, Inc. today announced the launch of the DeltaShares(R) S&P EM 100 & Managed Risk ETF, an expansion of the DeltaShares by Transamerica suite of strategic beta exchange-traded funds (ETFs) introduced in August 2017.
The new DeltaShares ETF tracks the S&P EM 100 Managed Risk 2.0 Index and offers investors the opportunity to participate in the performance of the 100 largest companies in the emerging markets plus the Republic of Korea, while seeking to reduce downside risk.
Source: Transamerica
