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Federal Reserve Annual Report
July 29, 2022--This report covers the calendar-year operations and activities carried out by the Board in its five key functional areas: (1) monetary policy, (2) financial stability, (3) supervision and regulation, (4) payment system and Reserve Bank oversight, and (5) consumer and community affairs.
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Source: federalreserve.gov
US economy shrinks for a 2nd quarter, raising recession fear
July 28, 2022-- The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
The decline that the Commerce Department reported Thursday in the gross domestic product- the broadest gauge of the economy- followed a 1.6% annual drop from January through March.
Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.
The GDP report for last quarter pointed to weakness across the economy. Consumer spending slowed as Americans bought fewer goods. Business investment fell. Inventories tumbled as businesses slowed their restocking of shelves, shaving 2 percentage points from GDP.
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Source: apnews.com
Fed jacks rates again, Powell vows no surrender in inflation battle
July 27, 2022--Fed raises policy rate to 2.25%-2.50% range
U.S. central bank flags weakening economic data
Fed's Powell says failure to tame inflation not an option
The Federal Reserve said on Wednesday it would not flinch in its battle against the most intense breakout of inflation in the United States since the 1980s even if that means a "sustained period" of economic weakness and a slowing jobs market.
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Source: reuters.com
CBO-The Demographic Outlook: 2022 to 2052
July 27, 2022--In CBO's projections, the size of the U.S. population increases from 335 million people in 2022 to 369 million people in 2052. Population growth is increasingly driven by net immigration, which accounts for all population growth in 2043 and beyond.
Summary:
The size of the U.S. population and its age and sex composition affect federal spending, revenues, deficits, debt, and the economy. In this report, the Congressional Budget Office describes its population projections that underlie the baseline budget projections and economic forecast that CBO published in May 2022 and the long-term budget projections that the agency published in July 2022.
Population
In CBO's projections, the population increases from 335 million people in 2022 to 369 million people in 2052, expanding by 0.3 percent per year, on average.
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Source: CBO (Congressional Budget Office)
CBO-The 2022 Long-Term Budget Outlook
July 27, 2022--The U.S. faces a challenging fiscal outlook according to CBO's extended baseline projections, which show budget deficits and federal debt held by the public growing steadily in relation to gross domestic product over the next three decades.
Deficits
At 3.9 percent of gross domestic product (GDP), the projected deficit in 2022 is much smaller than those recorded in 2020 and 2021, because federal spending in response to the coronavirus pandemic has waned and revenues have risen sharply. Nevertheless, in CBO's projections, federal deficits over the 2022-2052 period average 7.3 percent of GDP (more than double the average over the past half-century) and generally grow each year, reaching 11.1 percent of GDP in 2052. That projected growth in total deficits is largely driven by increases in interest costs: Net interest outlays more than quadruple over the period, rising to 7.2 percent of GDP in 2052.
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Source: CBO (Congressional Budget Office)
Shifting Global Winds Pose Challenges to Latin America
July 27, 2022--The region continued its strong recovery in early 2022, but decelerating economic activity and persistent inflation will test its resilience.
The economies of Latin America and the Caribbean have continued their strong post-pandemic rebound, but the winds are shifting as global financial conditions are tightening and commodity prices are reversing their upward trend, while inflationary pressures persist.
The reopening of contact-intensive sectors, especially hospitality and travel, the unwinding of pandemic pent-up demand, and still favorable external financial conditions supported a solid expansion in the first half of the year, allowing services to catch up with manufacturing, and employment to reach pre-pandemic levels. Year-on-year growth reached 2.8 percent in the first quarter, compared to an average of 1.7 percent in the years preceding the pandemic, and high-frequency indicators point to continued momentum in the second quarter.
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Source: imf.org
Another Way to Play Tesla: A Hedged Single-Stock ETF
July 26, 2022--July 26, 2022--Investors looking for a new way to play Tesla shares will have another opportunity beginning Tuesday.
The Innovator Hedged TSLA Strategy ETF, which will list on the Cboe, aims to provide investors with the long-term upside of Elon Musk's electric vehicle company while mitigating potential losses.
Rather than investing directly in Tesla shares, the hedged product will invest 90% of its portfolio in Treasury bills and the remaining 10% into what's known as a call option spread strategy. It is bullish on the underlying Tesla stock but puts a cap on potential returns.
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Source: wsj.com
First Trust Announces Shareholder Approval of New Investment Management Agreement for First Trust Global Engineering and Construction ETF and Upcoming Implementation of Certain Related Changes
July 25, 2022-First Trust Advisors L.P. ("FTA") announced today that the shareholders of First Trust Global Engineering and Construction ETF (NYSE Arca: FLM) (the "Fund"), an exchange-traded fund and a series of First Trust Exchange-Traded Fund II (the "Trust"), have voted to approve a new investment management agreement between the Trust, on behalf of the Fund, and FTA, the Fund's investment advisor (the "New Management Agreement").
Under the New Management Agreement, which will replace the Fund’s current investment management agreement, the Fund will transition to a "unitary fee structure." Shareholders were asked to approve the New Management Agreement in connection with a change that will be made to the Fund's investment objective.
Currently, the Fund's investment objective is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the ISE Global Engineering and ConstructionTM Index ("Current Index").
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Source: First Trust Advisors
Touchstone Investments Launches Four Distinctively Active Managed ETFs
July 25, 2022--Expansion into ETFs provides the potential for a more tax-efficient, cost competitive and transparent way to access Touchstone's investment strategies
Touchstone Investments, known for its Distinctively Active(R) mutual funds, announced the launch of its first of four new actively managed exchange traded funds (ETFs) trading on the New York Stock Exchange Arca and Cboe BZA.
The ETFs mark the natural expansion of Touchstone's Distinctively Active investment philosophy through an ETF structure, providing shareholders with more investment options.
Each of the four ETFs has a corresponding Touchstone mutual fund that shares a similar core investment strategy. The inception date for the first of the ETFs, Touchstone Strategic Income Opportunities ETF, was July 21, 2022, with the others to follow in the weeks ahead.view more
Source: Touchstone Investments
SEC Calls 9 Cryptos 'Securities' SEC Calls 9 Cryptos 'Securities' in Insider Trading Case
July 21. 2022--The SEC and DOJ brought insider trading charges against three people Thursday, but assertions cryptocurrencies are securities may hold greater implications. in Insider Trading Case
The U.S. Securities and Exchange Commission used its first insider-trading case Thursday to formally declare nine digital tokens as /"securities" in its ongoing practice of defining its crypto oversight through enforcement actions.
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Source: coindesk.com
