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Beige Book-National Summary-September 6, 2017
September 6, 2017--Overall Economic Activity
Economic activity expanded at a modest to moderate pace across all twelve Federal Reserve Districts in July and August. Consumer spending increased in most Districts, with gains reported for nonauto retail sales and tourism, but mixed results for vehicle sales.
Capital spending also increased in several Districts. Manufacturing activity expanded modestly on balance. That said, reports were mixed regarding auto production, and contacts in many Districts expressed concerns about a prolonged slowdown in the auto industry. Both residential and commercial construction increased slightly overall. Low inventories of homes for sale continued to weigh on residential real estate activity across the country, while commercial real estate activity increased slightly. Activity in the energy and natural resources sector was generally positive prior to shutdowns arising from Hurricane Harvey.
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Source: federalreserve.gov
A Big Critic of ETFs Is Planning to Launch One of His Own
September 6, 2017--Actively managed fund will hold firm's top picks each year
Yusko criticizes passive ETFs as having "no ability to think"
Like many active managers, Mark Yusko of Morgan Creek Capital Management LLC has some serious gripes about the rise of exchange-traded funds and the ascendancy of passive investing.
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Source: Bloomberg
Canada raises benchmark rate to 1%, adding to July increase
September 6, 2017--Canadian dollar jumps sharply on decision amid robust growth for North American nation.
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Source: FT.com
PIMCO Launches 3 RAFI Dynamic Multi-Factor Equity ETFs
September 6, 2017--The smart beta ETFs seek to provide diversified exposure to multiple equity factors linked to higher return potential
PIMCO, a leading global investment management firm, announces the launch of three smart beta equity ETFs designed to provide investors with diversified exposure to multiple equity factors, including value, quality, low volatility, momentum and size.
The ETFs are benchmarked to the Research Affiliates' RAFI Dynamic Multi-Factor indexes, which employ an innovative and dynamic factor weighting methodology in an effort to generate attractive returns for clients.
The three ETFs are:
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Ticker: MFUS)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Ticker: MFDX)
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Source: PIMCO Account Management
SEC looking ETF sales practices in wake of big cases
September 6, 2017--September 6, 2017--US Securities and Exchange Commission exams this year are looking at exchange-traded fund sales practices in the wake of big enforcement cases involving Morgan Stanley and Pimco.
Pete Driscoll, acting director of the SEC's office of inspections and examinations, said that the SEC's focus on ETFs is geared toward protecting individual...
Source: mlexfs-core.com
Bats Welcomes New Issuer Main Management to the Bats ETF Marketplace
September 6, 2017--Bats, a CBOE Holdings, Inc. company, and a leading market for exchange-traded product (ETP) trading globally, today welcomed new issuer Main Management to the Bats ETF Marketplace, with the launch of one fund.
The Main Sector Rotation ETF (Bats: SECT) utilizes a "fund of funds" structure to invest in sector based equity exchange traded funds. The ETF seeks to outperform the S&P 500 in rising markets while limiting losses during periods of decline. The ETF seeks to achieve its objective through dynamic sector rotation.
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Source: Bats Global Markets
Franklin Templeton debuts two actively managed municipal bond ETFs
September 6, 2017--Franklin Templeton Investments has launched two new actively managed municipal bond ETFs, the Franklin Liberty Intermediate Municipal Opportunities ETF (NYSE Arca: FLMI) and Franklin Liberty Municipal Bond ETF (NYSE Arca: FLMB).
Municipal bonds are debt securities issued by a state, municipality or county to finance its capital expenditures. They are exempt from federal taxes and from most state and local taxes.
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Source: etfstrategy.co.uk
CBOE Holdings Reports August 2017 Trading Volume
September 6, 2017--CBOE Holdings, Inc. (BATS: CBOE|NASDAQ: CBOE) today reported August monthly trading volume and average revenue per contract (RPC)/net revenue capture data at www.cboe.com/monthlyvolrpc.
The data sheet "CBOE Holdings Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of August statistics for options (Chicago Board Options Exchange® (CBOE®), C2 Options Exchange (C2), BZX® and EDGX®); CBOE Futures Exchange (CFE®); U.S. equities (BZX®, BYX®, EDGA®, EDGX®); global FX (Bats Hotspot); and European equities. Data sheets are also available on an as reported basis for 2017 and on a combined basis for 2016.
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Source: CBOE
Fischer to Step Down in Mid-October as Fed Vacancies Mount
September 6, 2017--He's departing ahead of expiration of vice chair term in June
Tells Trump that steps taken since crisis made system stronger
Federal Reserve Vice Chairman Stanley Fischer has resigned effective in mid-October, giving President Donald Trump scope to start reshaping the leadership of the U.S. central bank sooner than expected and clouding the longer-term outlook for monetary policy.
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Source: Bloomberg
CFTC.gov Swaps Report Update
September 6, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
