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National Income and Product Accounts
Revised Estimates: 2009 through First Quarter 2012
July 27, 2012--Real gross domestic product--the output of goods and services produced by labor and property
located in the United States--increased at an annual rate of 1.5 percent in the second quarter of 2012,
(that is, from the first quarter to the second quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The "second" estimate for the second quarter, based on more complete data, will be released on August 29, 2012.
The estimates released today reflect the regular annual revision of the national income and product accounts (NIPAs), beginning with the estimates for the first quarter of 2009. Annual revisions, which are usually released in July, incorporate source data that are more complete, more detailed, and otherwise more reliable than those previously available. This release includes the revised quarterly estimates of GDP, corporate profits, and personal income and provides an overview of the effects of the revision.
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Source: BEA
U.S. Department of the Treasury Economic Statistics-June 2012
July 26, 2012--The Monthly Economic Data Table has been updated.
view the updated-U.S. Economic Statistics-Monthly Data
Source: US Department of the Treasury
BMO Investments Inc. Announces Portfolio Management Change
July 26, 2012--BMO Investments Inc. today announced that, effective on or about September 4, 2012, Pyrford International Limited will no longer serve as the sub-advisor for BMO Global Tactical ETF Class, a class of shares of BMO Global Tax Advantage Funds Inc.
BMO Asset Management Inc., the portfolio manager for the fund since the fund's inception, will assume all responsibility for the entire portfolio.
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Source: BMO Investments Inc.
Written Testimony of Treasury Secretary Geithner before the Senate Committee on Banking, Housing, and Urban Affairs on the Financial Stability Oversight Council Annual Report to Congress
July 26, 2012--Chairman Johnson, Ranking Member Shelby, and members of the Committee, thank you for the opportunity to testify today regarding the Financial Stability Oversight Council's (the "Council") annual report.
Each year, the Council is required to prepare a public report reviewing financial market and regulatory developments, potential threats to financial stability, and recommendations to strengthen the financial system. My testimony today reviews the conclusions and recommendations made by the Council in its second annual report, which is being submitted in full alongside this testimony.
Measures of Strength in the Financial System
The strategy adopted by the United States to repair and reform the financial system after the crisis has helped produce a stronger and more resilient system.
We have forced banks to substantially increase the amount of capital they hold, so that they are able to provide credit to the economy and absorb losses in the future. Tier 1 common capital levels at our country’s banks are up by $420 billion, or 70 percent, from three years ago. The ratio of tier 1 common equity to risk-weighted assets at these institutions increased from 6 percent to over 11 percent during this period.
view the Financial Stability Oversight Council Annual Report 2012
Source: US Department of the Treasury
ICI-Exchange Traded Fund Data June 2012
July 26, 2012--The combined assets of the nation's exchange-traded funds (ETFs) were $1.167 trillion in June, according to ICI. The Institute's monthly statistical collection also includes the value of shares issued and redeemed by exchange-traded funds.
Statistics contained in the Institute’s monthly ETF report have been obtained from information provided to ICI by exchange-traded funds and commodity funds. Commodity funds are listed in the Domestic (Sector/Industry) category.
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Source: ICI
ICI-Exchange Traded Fund Data-June 2012
July 26, 2012--The combined assets of the nation's exchange-traded funds (ETFs) were $1.167 trillion in June, according to ICI. The Institute's monthly statistical collection also includes the value of shares issued and redeemed by exchange-traded funds.
Statistics contained in the Institute’s monthly ETF report have been obtained from information provided to ICI by exchange-traded funds and commodity funds. Commodity funds are listed in the Domestic (Sector/Industry) category.
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Source: ICI
SIGTARP July 2012 Quarterly Report to Congress
July 25, 2012--This morning, SIGTARP issued its latest, July 2012 Quarterly Report to Congress on the status of TARP.
view the SIGTARP July 2012 Quarterly Report to Congress
Source: US Department of the Treasury
Guggenheim Partners Raises $1 Billion for New Loan Fund
July 25, 2012--Guggenheim Partners LLC raised about $1 billion for a new fund that will make loans to public and private companies with revenues of as much as $500 million, according to a regulatory filing.
The Guggenheim Private Debt Fund filed a Form D today with the U.S. Securities and Exchange Commission disclosing it received $952 million in commitments from 11 investors. The actual amount gathered was slightly more than $1 billion, Zach Warren, a senior managing director at Guggenheim, said in an interview. The investors were primarily insurance companies.
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Source: Bloomberg
Target date retirement funds turn to ETFs
July 25, 2012--Target date funds, the most popular investment option in 401(k) plans, are increasing their exposure to exchange traded funds (ETFs), which are rarely used in retirement savings accounts.
Franklin Templeton Investments, Manning & Napier and Lincoln Financial Group are among a number of target date fund managers turning to ETFs, something they say will help them to more easily manage volatile markets and access niche investment strategies - at lower costs than using mutual funds.
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Source: Reuters
AdvisorShares Announces the Closing of the Dent Tactical ETF (DENT)
July 25, 2012-- AdvisorShares, a leading sponsor of actively managed Exchange Traded Funds (ETFs), announced today that the AdvisorShares Dent Tactical ETF (NYSE: DENT) will be closed rather than reorganize into the AdvisorShares Meidell Tactical Advantage ETF (NYSE: MATH) in a measure aimed to benefit shareholders.
The AdvisorShares Board of Trustees approved the closing and subsequent liquidation of DENT, and following its last day of trading on August 8, 2012, the ETF will cease operations, withdraw its assets, and distribute the remaining proceeds to shareholders on or after August 15, 2012.
Noah Hamman, CEO of AdvisorShares, said, "We determined it was in the best interest of the shareholders to close DENT due to the amount of time required for the merger and its associated costs."
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Source: AdvisorShares
