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Research Affiliates -Populism, Politics, Policy, and Profits
June 1, 2017--Key Points
An increasing body of research shows that previously documented relationships in the investment literature are the result of reporting bias, data mining, and selection bias.
Using data for five international markets, we test the robustness of US results that show a relationship between US stock returns and presidential politics-stock returns are higher under Democratic presidents and lower under Republican presidents-and find the US results appear to be spurious.
Our analysis of the respective stock markets and incumbent political parties of Australia, Canada, France, Germany, and the United Kingdom finds a result opposite that identified in the US, indicating that investors should interpret historical statistical relationships with a healthy skepticism.
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Source: Research Affiliates
USCF Appoints New Head of Distribution
June 1, 2017--Exchange Traded Product innovator, USCF, has named Maya Lowry as its new Head of Distribution.
"Maya's extensive distribution, marketing, and portfolio expertise has broadened our capabilities and enhanced our growing team," said John Love, President and Chief Executive Officer of USCF.
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Source: USCF
FRB-Beige Book-May 31, 2017
June 1, 2017--National Summary
This report was prepared at the Federal Reserve Bank of Philadelphia based on information collected on or before May 22, 2017. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
Overall Economic Activity
Most of the twelve Federal Reserve Districts reported that their economies continued to expand at a modest or moderate pace from early April through late May. Boston and Chicago signaled that growth in their Districts had slowed somewhat to a modest pace since the prior Beige Book period, while New York indicated that activity had flattened out.
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Source: federalreserve.gov
Speed Limits for Financial Markets? Not So Fast
June 1, 2017--On the afternoon of May 6, 2010, a financial tsunami hit Wall Street. Stunned traders watched as graphs on their computer screens traced the vertiginous 998-point plunge in the Dow Jones Industrial Average, which erased $1 trillion in market value in 36 minutes.
There was little in the way of fundamental news to drive such a dramatic decline, and stocks bounced back later that day. The event, quickly dubbed the "flash crash," focused attention on the role of high-frequency trading and algorithms in amplifying market volatility.
Thick vs. thin
So far, though, there's been remarkably little in the way of hard evidence on whether advances in information and communication technology help magnify market turbulence.
view the IMF Working paper-Thick vs. Thin-Skinned: Technology, News and Financial Market Reaction.
Source: IMF
CFTC.gov Swaps Report Update
May 31, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Fee Rate Advisory #3 for Fiscal Year 2017
May 31, 2017--The Securities and Exchange Commission today announced that starting on July 4, 2017, the fee rates applicable to most securities transactions will be set at $23.10 per million dollars.
Consequently, each SRO will continue to pay the Commission a rate of $21.80 per million for covered sales occurring on charge dates through July 3, 2017, and a rate of $23.10 per million for covered sales occurring on charge dates on or after July 4, 2017.
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Source: SEC.gov
BNY Government Securities Unit Formed to Settle Treasury Trades
May 31, 2017--Bank sees subsidiary becoming the only settlement firm for Treasurys traded between big bond brokers.
Bank of New York Mellon Corp. said it has formed a new unit to support its growing role in settling trades in the nearly $14 trillion Treasury market.
The new subsidiary, BNY Mellon Government Securities Services Corp., was created in recent weeks as the bank expects this year to emerge as the sole settlement firm for U.S. government debt traded between big bond brokers across Wall Street.
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Source: Wall Street Journal
IMF Country Report-Colombia: Selected Issues
May 31, 2017--MONETARY POLICY AND FINANCIAL CONDITIONS1
This paper presents an assessment of the monetary policy stance and broad financial conditions in Colombia, which provides useful insights about macro-financial linkages.
First, we provide an assessment of the monetary policy stance using a small open-economy DSGE to estimate the neutral rate. Second, we present a new Financial Conditions Index that captures conditions in the financial sector but controlling for the direct effects of monetary policy and exchange rate movements. The results suggest that both monetary policy and broad financial conditions have remained tight in 2016.
view the IMF Country Report-Colombia: Selected Issues
Source: IMF
IMF-Canada: Staff Concluding Statement of the 2017 Article IV Mission
May 31, 2017-- Context
1. The economy has regained momentum, supported by expansionary fiscal and monetary policies, but complex adjustments are still at play.
While personal consumption has been strong, business investment remains weak, non-energy exports have underperformed, and housing market imbalances have risen. Collectively, they raise uncertainty about the durability of the Canadian recovery.
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Source: IMF
This Week in Active ETFs: A Funny Thing Happened on the Way to Higher Rates
May 30, 2017--Domestic equity markets churned higher last week as economic data was net net positive with the biggest report being GDP revised up considerably from 0.7% to 1.2% and while 1.2% isn't great, it is a whole lot better than 0.7%, maybe it was a Goldilocks number...
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Source: AdvisorShares
