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IMF Working paper-Income Polarization in the United States
June 28, 2016--Summary: The paper uses a combination of micro-level datasets to document the rise of income polarization-what some have referred to as the "hollowing out" of the income distribution-in the United States, since the 1970s.
While in the initial decades more middle-income households moved up, rather than down, the income ladder, since the turn of the current century, most of polarization has been towards lower incomes. This result is striking and in contrast with findings of other recent contributions. In addition, the paper finds evidence that, after conditioning on income and household characteristics, the marginal propensity to consume from permanent changes in income has somewhat fallen in recent years. We assess the potential impacts of these trends on private consumption. During 1998-2013, the rise in income polarization and lower marginal propensity to consume have suppressed the level of real consumption at the aggregate level, by about 3½ percent-equivalent to more than one year of consumption.
June 28, 2016--Fidelity Investments(R), one of the industry's largest, most experienced providers of low-cost active and index investment products, today announced that effective July 1, 2016 it will reduce total expenses1 on 27 of its equity and bond index mutual funds and exchange traded funds (ETFs). view more State Street Global Advisors Expands Suite of Industry ETFs to Provide Investors with More Precise Exposure to Technology Hardware and Internet Sub-Industries view more Deutsche Asset Management Adds Fourth Fund to Comprehensive Factor ETF Suite (DESC) view more BlackRock Announces Share Splits for iShares ETFs view more Biggest crop ETF on track for best year since 2009 view more Direxion Changes FTSE Indexes for Two ETFs IMF-Article IV Consultation with the United States of America: Concluding Statement of the IMF Mission view more Rafferty Asset Management Closing Inverse Equity ETF view more
The average expenses across Fidelity's index fund line-up will decrease to 10.2 basis points (0.102%), down from 11.6 basis points today. The expense reductions are expected to save current shareholders approximately $20 million annually.
Source: Fidelity Investments
June 28, 2016--State Street Global Advisors (SSGA), the asset management business of State Street Corporation, (NYSE:STT) today announced that the SPDR(R) S&P(R) Technology Hardware ETF (Ticker: XTH) and the SPDR(R) S&P(R) Internet ETF (Ticker: XWEB) began trading on the NYSE Arca.
XTH and XWEB, designed to provide investors with targeted exposure to technology hardware sub-industries in the technology sector, and internet sub-industries in the consumer discretionary and technology sectors, respectively, join SSGA's leading suite of modified equal weighted S&P Industry ETFs, which now includes 20 funds with more than $13 billion in assets.1
Source: SPDR Exchange Traded Funds
June 28, 2016--Deutsche Asset Management (Deutsche AM) today announced the launch of Deutsche X-trackers Russell 2000 Comprehensive Factor exchange traded fund (ETF) (Ticker: DESC), the fourth ETF to be added to its multifactor suite.
The new fund seeks to track the Russell 2000 Comprehensive Factor Index. The FTSE Russell family of Comprehensive Factor Indices is designed to track the equity market performance of companies that have demonstrated relatively strong exposure to targeted investment style factors: value, momentum, quality, low volatility and size.
Source: Deutsche Asset Management
June 27, 2016--BlackRock, Inc. (NYSE: BLK) announced today that the Board of Trustees of iShares Trust has authorized share splits for a number of iShares ETFs.
The Board has approved share splits for 11 iShares ETFs for shareholders of record as of the close of business on July 19, 2016, payable after the close of trading on July 22, 2016:
Source: BlackRock
June 23, 2016--The largest exchange-traded fund linked to crop prices is again absorbing money after years of outflows, in a sign investors are warily returning to commodities markets.
PowerShares DB Agriculture, an $891m fund tracking food commodities from wheat to sugar, has received net inflows of $162m in the year 2016 to date.
Source: FT.com
June 23, 2016--Direxion is changing the benchmark indices of two leveraged exchange-traded funds (ETFs).
The modifications will take effect on or about August 22, 2016.
June 22, 2016--The United States economy is, overall, in good shape. A total of 2.4 million new jobs were created over the past year and unemployment has fallen to 4.7 percent, its lowest level since the eve of the "Great Recession."
Inflation remains contained, and the U.S. economy has repeatedly demonstrated its resilience in the face of financial market volatility, a strengthening dollar, and subdued global demand.
Source: IMF
June 21, 2016--The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion Daily Total Market Bear 1X Shares (TOTS) ("the Fund") based on the recommendation of Rafferty Asset Management, LLC, the Trust's advisor.
Due to the Fund's inability to attract sufficient investment assets, Rafferty believes they cannot continue to conduct their business and operations in an economically efficient manner. As a result, the Board concluded that liquidating and closing the Fund would be in the best interest of the Fund and its shareholders.
Source: Direxion
