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CBO-Monthly Budget Review for January 2017
February 7, 2017--The federal budget deficit was $159 billion for the first four months of fiscal year 2017, the Congressional Budget Office estimates-$1 billion less than the shortfall recorded during the same span last year.
But that result was affected by shifts in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, the deficit for the first four months of fiscal year 2017 would have been $40 billion larger than that recorded for the same period last year.
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Source: Congressional Budget Office (CBO)
Regulator warns of enforcement over NYSE's 2015 outage-ICE
February 7, 2017--The New York Stock Exchange received notice that staff at the top U.S. securities regulator recommended an enforcement action against the exchange related to a nearly four-hour trading halt on July 8, 2015, NYSE's parent company said on Tuesday.
The results of the notice from the Securities and Exchange Commission and any enforcement action related to the outage are unknown at this time, NYSE owner Intercontinental Exchange Inc said following the release of its financial results.
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Source: Reuters
AdvisorShares-This Week in Active ETFs: A Job Report for Everybody!
February 6, 2017--Weekly Market Review - Highlights of the Prior week of January 30 to February 03, 2017
Macro
The Friday jobs report had something for everyone with a mix of strong and weak data. There were 227,000 new jobs created in January, which beat the Bloomberg consensus of 180,000.
The headline unemployment rate printed at 4.8%, which was a
slight uptick from December, and the U6 came in at 9.4%. There
was also an uptick in the labor force participation rate to 62.9%,
which can be taken as a positive with people feeling optimistic
enough to again look for work in the belief that a job can be had.
Wages were the big disappointment, increasing by only 0.1%
while previously reported wages gains were revised lower, to
0.2% from 0.4%.
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Source: AdvisorShares
Solactive announces the launch of the Solactive GLD(R) Long USD Gold Index
February 6, 2017--Used as the basis for the SPDR(R) Long Dollar Gold Trust (GLDW) trading on the NYSE Arca.
Solactive AG is delighted to announce that the Solactive GLD(R) Long USD Gold Index is being used as the basis for the new SPDR(R) Long Dollar Gold Trust (GLDW) exchange traded fund, which is trading on the NYSE Arca. The index provides a compelling way to remove the potential impact of the US dollar on gold prices by allowing investors to own gold in terms of a basket of non-US currencies including euro, Japanese yen, British
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Source: solactive.com
Thompson Hine Update: Labor Department Directed to Examine Final Fiduciary Rule
Investment Management Update
February 6, 2017--We are writing to update you on the status of the Department of Labor's final fiduciary rule (Final Rule). Currently, the Final Rule is scheduled to become applicable on April 10, 2017, with additional requirements effective January 1, 2018.
Last Friday President Trump issued a presidential memorandum regarding the Final Rule, noting that the rule "may significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of my Administration."
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Source: Thompson Hine
CFTC.gov Commitments of Traders Reports Update
February 3, 2017--The current reports for the week of January 31, 2017 are now available.
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Source: CFTC.gov
Nasdaq amends disputed fee proposal for key stock market data
February 2, 2017--Nasdaq Inc (NDAQ.O) no longer plans to charge additional fees to access key data essential for stock market operations following complaints of price gouging from other exchanges, trading firms and an industry trade group, according to a regulatory filing.
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Source: Reuters
CBO-Inflation, Default, and the Currency Composition of Sovereign Debt in Emerging Economies: Working Paper 2017-01
February 2, 2017--In emerging market economies, governments issue debt denominated both in their own currency and in foreign currencies.
I develop a theory of the optimal composition of sovereign debt between local and foreign currencies. In a model with a micro-founded monetary framework a government controls monetary policy and has the ability to borrow from abroad using both local and foreign currency bonds. In this model, local currency bonds differ from foreign currency bonds in two important ways. Unlike foreign currency bonds, local currency bonds function as a contingent claim, allowing governments to more easily smooth consumption over time. In addition, the threat of strategic inflation limits the amount that a government can borrow using local currency bonds (but has no direct effect on foreign currency borrowing).
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Source: Congressional Budget Office (CBO)
The Forum at ETF Research Center-Feb. '17 Sector SPDR Analyzer: First Look at 2018E
February 2, 2017--The ETF Analyzer, Sector SPDR Edition for February 2017 is ready for download. This monthly publication has succinct one-page reports on each of the 10 Select Sector SPDR ETFs in three easy-to-read sections.
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Source: AltaVista Research
CFTC.gov Swaps Report Update
February 1, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
