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Why Is CBO's Projection of GDP Growth Slower Than Past Rates of Growth?
September 8, 2016--Yesterday, we reviewed the economic forecast included in An Update to the Budget and Economic Outlook: 2016 to 2026, released by CBO on August 23.
In that blog post, we discussed a number of uncertainties in the forecast and roughly quantified the range of possible outcomes over the next five years. Today, we compare CBO's economic forecast with historical experience and discuss reasons why economic growth in coming years is projected to diverge significantly from historical trends.
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Source: Congressional Budget Office (CBO)
Goldman Sachs Asset Management Launches TreasuryAccess Exchange-Traded Fund
September 8, 2016--The Goldman Sachs TreasuryAccess 0-1 Year ETF (Ticker: GBIL) Offers Efficient Access to Short-term Treasuries by One of the Market's Fastest Growing ETF Providers
GSAM today announced the launch of GBIL, the first ETF to offer same-day settlement of creations and redemptions in the short-term US Treasury market.
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Source: Goldman Sachs Asset Management
VanEck Announces Changes to VanEck Vectors ETF Product Line
September 8, 2016--VanEck, one of the largest providers of exchange traded funds ("ETFs") in the U.S. and worldwide with more than $39 billion in assets under management as of July 31, 2016, announced today that it plans to close and liquidate two VanEck Vectors ETFs.
On September 7, 2016, the Board of Trustees of VanEck Vectors ETF Trust approved the liquidation and dissolution of the following funds (the "Funds"):
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Source: VanEck
VanEck Announces Changes to VanEck Vectors ETF Product Line
September 8, 2016-VanEck, one of the largest providers of exchange traded funds ("ETFs") in the U.S. and worldwide with more than $39 billion in assets under management as of July 31, 2016, announced today that it plans to close and liquidate two VanEck Vectors ETFs.
On September 7, 2016, the Board of Trustees of VanEck Vectors ETF Trust approved the liquidation and dissolution of the following funds (the "Funds"):
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Source: VanEck
Fidelity to Expand ETF Offerings With New Smart-Beta Lineup
September 8, 2016--Firm adding six factor-based funds based on its own indexes
Money managers embracing smart-beta strategies in growth push
Fidelity Investments, one of the largest U.S. mutual fund companies, is expanding its exchange-trade funds business by introducing its first so-called smart beta offerings.
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Source: Bloomberg
NYSE to implement new volatility procedures Monday
September 8, 2016--The New York Stock Exchange will implement changes Monday to its opening procedures as it seeks to speed up trading and make it more efficient even on volatile days.
The new procedures would eliminate "Rule 48," which allows market makers to delay opening a stock when markets are volatile.
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Source: Reuters
DOL fiduciary rule could cause half of potential IRA rollover assets to stay put: Report
September 8, 2016--More money expected to remain in employer-sponsored retirement plans instead of flowing into individual retirement accounts, Cerulli finds.
Advisory firms banking on attracting loads of new assets from baby boomers rolling over 401(k) plans into individual retirement accounts may need to come up with a new plan for boosting AUM.
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Source: investmentnews.com
Federal Reserve Board approves final policy statement detailing framework for setting Countercyclical Capital Buffer
September 8, 2016--The Federal Reserve Board on Thursday released a policy statement detailing the framework the Board will follow in setting the Countercyclical Capital Buffer (CCyB) for private-sector credit exposures located in the United States.
The CCyB is a macroprudential tool that can be used to increase the resilience of the financial system by raising capital requirements on internationally active banking organizations when the risk of above-normal losses is elevated.
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Source: federalreserve.gov
Federal Reserve-Agencies Issue Study on Banking Activities and Investments
September 8, 2016--The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today released a report to the Congress and the Financial Stability Oversight Council on the activities and investments that banking entities may engage in under applicable law.
Section 620 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) required the federal banking agencies to conduct the study and report to Congress on the types of activities and investments permissible for banking entities, the associated risks, and how banking entities mitigate those risks.
view the Report to the Congress and the Financial Stability Oversight Council-Pursuant to Section 620 of the Dodd-Frank Act
Source: federalreserve.gov
Federal Reserve asks Congress to limit Wall Street merchant banking
September 8, 2016--The Federal Reserve Board recommended that Congress pare back Wall Street's ability to own physical commodities and engage in other aspects of merchant banking because of possible risks to the financial system, according to a report issued on Thursday.
U.S. lawmakers should repeal permission granted in 1999 for Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) to conduct activities like storing and transporting physical commodities that other banks cannot do, the Fed said jointly with two other regulators.
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Source: Reuters
