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CBO-Monthly Budget Review: March 2023
April 10, 2023--Summary
The federal budget deficit was $1.1 trillion in the first half of fiscal year 2023, the Congressional Budget Office estimates-$430 billion more than the shortfall recorded during the same period last year-and consistent with projections CBO released in February.
Outlays were 13 percent higher and revenues were 3 percent lower from October through March than during the same period in fiscal year 2022.
Outlays in the past six months were reduced by the shifting of certain payments-totaling $63 billion-from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend. At the same time, outlays increased through March 2023 because certain payments that otherwise would have been due on April 1, a weekend, were made in March. The deficit in the first half of fiscal year 2023 would have been $10 billion smaller if those various shifts had not occurred.
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Source: CBO (Congressional Budget Office)
ETFs benefit as US advisers dump mutual funds
March 31, 2023--Research from Cerulli suggests clients' awareness of the impact of fees on their investments has grown
Asset managers must offer products that better align with advisers' needs for flexibility and cost-efficiency, research from Cerulli Associates shows.
Advisers across all channels have become increasingly conscious of the price they pay for access to investment strategies as their clients become even more aware of fees, said Matt Belnap, associate director at the researcher. Shops need to respond to this increasing margin pressure and scale with products that offer more flexibility, as well as with active strategies that are priced appropriately to compete with index options, he said.
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Source: ft.com
Investors pull nearly $4bn from iShares ESG ETF in one day
March 28, 2023--Quality Factor ETF receives $4.8bn in inflows on same day
An environmental, social and governance-focused iShares ETF haemorraghed $3.9bn in one day at the beginning of last week, data shows.
The iShares ESG Aware MSCI USA ETF (ESGU) had $14.4bn in assets under management on March 21, the day after the sell-off.
On the same day, March 20, the iShares MSCI USA Quality Factor ETF (QUAL) added $4.8bn in net inflows, helping assets rise to $25bn on March 21.
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Source: ft.com
Simplify Launches No K-1 Actively Managed Commodity Strategy ETF (HARD)
March 28, 2023--Fund is designed to be a long-only commodity replacement, while still providing the enhancements of a systematic long/short managed futures strategy
Simplify Asset Management ("Simplify"), an innovative provider of Exchange Traded Funds ("ETFs"), is today announcing the launch of the Simplify Commodities Strategy No K-1 ETF (NYSE Arca: HARD).
HARD is designed to play a number of key roles in an investor's portfolio, including as both a core commodity holding and as an inflation hedging vehicle.
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Source: Simplify Asset Management
Fintech Note-The Rise and Impact of Fintech in Latin America
March 29, 2023-Summary:
In the past decade, fintech has shaken up the financial sector in Latin America providing innovations in lending, payments, insurance, and regulation and compliance. This paper examines this development by focusing on both fintech services and regulation.
Exploring fintech's macro-critical impact using country-and bank-level data, we find that booming financial technologies in Latin America have helped boost competition in the banking sector and inclusion.
Additionally, we demonstrate that fintech firms in Latin America experienced robust growth even during the pandemic supported by external funding. Finally, we discuss how regulators are addressing the risks associated with financial technologies and how they are leveraging fintech tools in their supervisory activities.
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Source: imf.org
CBO Releases Infographics About the Federal Budget in Fiscal Year 2022
March 28, 2023--Each year, CBO releases a set of four budget infographics that provide a detailed look at the past fiscal year as well as broader trends over the past few decades. Today, CBO published the latest infographics showing the federal budget results in fiscal year 2022.
These infographics help people understand how much the government spends and takes in each year and what programs and revenue sources account for the largest portions of those budgetary flows.
The Federal Budget in Fiscal Year 2022 Mandatory Spending in Fiscal Year 2022 Discretionary Spending in Fiscal Year 2022 Revenues in Fiscal Year 2022
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Source: CBO(congressional Budget Office)
IMF Staff Country Report-Columbia
March 23, 2023--A. The Policy Response to Previous High Inflation and Low Growth
Episodes
1. Colombia, as many other emerging market economies, has been particularly susceptible to shocks that pushed inflation above central bank targets and lowered growth.
These shocks have often given rise to monetary policy tradeoffs, as the central bank must balance the need to increase the policy rate to address inflationary pressures and prevent inflation expectations from becoming unanchored against the need to support growth to offset negative income effects of terms of trade shocks or other supply shocks. The magnitude of these trade-offs tends to be larger in economies in which inflation expectations are not well anchored (Bems and
others, 2021 and IMF, 2018a).
2. The monetary and fiscal policy response to shocks has varied across countries depending on the strength of their policy frameworks. Empirical analysis using a panel VAR framework (PVAR) based on a sample of 24 inflation targeting small-open economies from 2000-21 (quarterly), including Colombia, shows that terms-of-trade shocks (which often move inflation and growth in opposite directions) have been accompanied by a tightening in monetary policy, particularly in countries with the largest deviation between medium-term inflation expectations and the central bank target.
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Source: imf.org
Blue Tractor Group Announces Licensing agreement with F/m Investments
March 22, 2023--Blue Tractor Group-a leader in the semi-transparent, actively managed ETF space- today announced it has entered into a licensing agreement with F/m Investments ("F/m"), an affiliate of The Diffractive Managers Group, a multi-affiliate asset manager and centralized distribution platform whose affiliates manage more than $20 Billion in total AUM.
This collaboration between F/m and Blue Tractor will be spearheaded by Diffractive affiliate North Slope Capital, an ETF company with expertise in issuing and marketing white-label ETFs. Since its creation in August of 2022, North Slope has launched five ETFs and raised approximately $1 billion of AUM.
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Source: Blue Tractor Group, LLC
U.S. SEC threatens to sue Coinbase over some crypto products
March 22, 2023-- The U.S. Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc (COIN.O) over some of the crypto exchange's products, turning up the heat on the largely unregulated sector.
Shares of Coinbase dropped nearly 13% to $67.33 in extended trading after the company said on Wednesday that the regulator had issued it a Wells notice-a formal declaration that SEC staff intend to recommend an enforcement action.
The potential enforcement actions would be tied to aspects of Coinbase's spot market as well as its Earn, Prime and Wallet products, the company said.
The SEC has been ratcheting up efforts to crack down on the crypto industry since the implosion of FTX last year, and staking services such as Coinbase's Earn are under increased scrutiny for not being registered.
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Source: reuters.com
Bitwise Launches BITC, a New Type of Bitcoin-Linked ETF Designed for Long-Term Investors
March 21, 2023--The strategy, which leverages decades of research on commodities pricing, seeks to mitigate contango for long-term investors by investing selectively in bitcoin futures across the entire futures curve
Bitwise Asset Management, one of the world's leading crypto asset managers, today announced the launch of the Bitwise Bitcoin Strategy Optimum Roll ETF (ticker: BITC).
The fund was built to offer investors regulated, professionally managed exposure to bitcoin with a unique design that minimizes pricing inefficiencies that can emerge in bitcoin-linked ETFs focused on front-month or near-month futures contracts.
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Source: Bitwise Asset Management
