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Worried About Debt-Market Liquidity? Sell Those Bank Bonds
June 25, 2015--If rising interest rates prompt investors to flee debt markets, bank bonds could be the hardest hit among corporate securities, according to Bank of America Corp.
"We're now moving into an environment of outflows, which means a lot of investors are going to have to sell bonds for an extended period of time," Hans Mikkelsen, head of U.S. investment-grade credit strategy at Bank of America Merrill Lynch, said in a telephone interview
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Source: Bloomberg
CBO-China's Growing Energy Demand: Implications for the United States: Working Paper 2015-05
June 25, 2015--Growing rapidly in recent decades, China's demand for energy has nearly doubled since 2005-making China the world's largest consumer of energy. That growth and the energy policies that China pursues increase the level and possibly the volatility of some energy prices, reduce the competitiveness of U.S. manufacturing firms in relation to Chinese firms but provide benefits for U.S. consumers, and increase greenhouse gas emissions.
This paper examines trends in China's energy consumption, the implications of those trends for U.S. households and businesses, and policy options that might help minimize adverse effects.
view the China's Growing Energy Demand: Implications for the United States
Source: Congressional Budget Office (CBO)
CFTC Swaps Report Update
June 24, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
OFR Financial Stability Update: Risks Remain Moderate
June 24, 2015--The U.S. Office of Financial Research released today an update to its assessment of threats to financial stability, concluding that overall risks to financial stability remain moderate.
"The current moderate level of threats to financial stability should not be cause for complacency," said OFR Director Richard Berner. "Our analysis suggests the need to remain vigilant about emerging threats."
OFR concerns about such threats continue to include increased risk taking in a climate of persistently low interest rates, fragile and fragmented market liquidity in some securities markets, and continued migration of financial activity outside the banking system. The OFR cited these risk themes in its 2014 Annual Report.
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Source: Office of Financial Research (OFR)
U.S.-China Strategic and Economic Dialogue VII Strategic Track Select Outcomes
June 24, 2015--On the occasion of the Strategic Economic Dialogue (S&ED) June 23-24, 2015, the United States and China agreed to, among other things:
Work together to achieve a successful global climate agreement: Building on the historic joint announcement on climate change by President Obama and President Xi last year, the United States and China renewed their resolve to achieve an ambitious global climate agreement in December in Paris.
Secretary Kerry and Treasury Secretary Lew, and their Chinese counterparts, led a joint session on climate change, and the two sides underscored their commitment to fulfill their pre- and post-2020 climate pledges by demonstrating progress on existing cooperation and announcing a number of new bilateral initiatives targeting key emissions sectors, including: a zero-emissions bus program; an initiative to reduce the emissions of ports and vessels; the second phase of a program to reduce emissions from industrial boilers; two new carbon, capture, use, and storage (CCUS) pilot projects; and a Climate-Smart/Low-Carbon Cities Summit in Los Angeles this fall.
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Source: US Department of the State
Deutsche Asset & Wealth Management Continues Expansion of Exchange Traded Products Platform with Launch of JPN
June 24, 2015-Deutsche Asset & Wealth Management (Deutsche AWM) today announced the launch of Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Ticker: JPN).
As the first US-listed exchange traded fund (ETF) to track the JPX-Nikkei 400 Index, JPN seeks to track one of Japan's newest standard benchmark indexes for Japanese equities.
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Source: Deutsche Asset & Wealth Management
IMF Working paper--Avoiding Dark Corners, A Robust Monetary Policy
June 24, 2015--Summary
The Fed has taken several steps towards strengthening its monetary framework over the past several years. Those steps have supported the Fed's efforts to stimulate the economy through forward guidance despite being constrained by having policy rates at zero.
We show that an optimal control approach to monetary policy, which includes the publication of a baseline forecast and a description of the uncertainties around that outlook, combined with an improvement in the Fed's communications toolkit, could further enhance the effectiveness of Fed policy. In the current conjuncture, such a risk management approach to monetary policy would result in both a later liftoff of policy rates and a modest, but planned, overshooting of inflation.
view the IMF Working paper--Avoiding Dark Corners, A Robust Monetary Policy
Source: IMF
Investors Prefer Flesh-and-Blood Advisors Over Robos 2 to 1: Survey
June 23, 2015--'Investors are telling us they truly value a personal relationship with an advisor, who also uses technology in a collaborative way,' says Mary Mack, president of Wells Fargo Advisors
Financial advisors got some encouraging news from the latest Wells Fargo/Gallup Investor and Retirement Optimism survey. Despite the recent proliferation of robo-advisors, U.S. investors prefer personal financial advisors 2 to 1.
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Source: thinkadvisor.com/
Charles Schwab Announces Availability of Institutional Intelligent Portfolios -Automated Investment Management Platform for Independent Registered Investment Advisors
June 23, 2015--Today Charles Schwab announced the launch of Institutional Intelligent Portfolios(TM)--an automated investment management platform designed specifically for RIAs and sponsored by Schwab Wealth Investment Advisory, Inc.
Institutional Intelligent Portfolios enables firms to reach new market segments and scale their businesses, while complementing the invaluable wealth management services and client experience advisors already provide today.
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Source: Charles Schwab
S&P 500 Equal Weight Real Estate Index Launched by S&P Dow Jones Indices
June 23, 2015--Recognizing the growing importance of real estate to investors, S&P Dow Jones Indices ("S&P DJI") announced today the launch of the S&P 500(R) Equal Weight Real Estate Index, which equally weights the index constituents in the S&P 500 that are currently classified in the Global Industry Classification Standard (GICS(R)) Real Estate Industry Group, excluding Mortgage REITs sub-industry.
The Index has been licensed to Guggenheim Investments to serve as the basis for an exchanged traded fund (ETF).
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Source: S&P Dow Jones Indices
