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Federal Reserve-Minutes of the Federal Open Market Committee, June 15-16, 2021
July 11, 2021--Discussion of Repurchase Agreement Arrangements
Participants resumed their discussion from the April 2021 FOMC meeting of considerations related to the establishment of a domestic standing repurchase agreement (repo) facility (SRF) and a standing Foreign International Monetary Authorities (FIMA) repo facility.
Building on discussion at previous meetings, the staff presented considerations for how these facilities might be designed.
The design considerations were guided by participants'general desire to have these facilities play a backstop role in fostering effective implementation of monetary policy and supporting smooth functioning of markets. In April, participants highlighted the importance of designing these facilities in a way that would leave ample room for private market activity while minimizing the potential for stigma, promote equitable access to an appropriately broad set of counterparties, and be governed by the FOMC. With these principles and goals in mind, the staff presented potential terms for each facility.
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Source: federalreserve.gov
BlackRock Tweaked Some Models. It Triggered a Wave of Buying and Selling.
July 9, 2021--Investment giant's moves set off flow of more than $1 billion to one relatively small ETF in just days
In late May, an obscure BlackRock Inc. commodities fund took in more than $1 billion in new money in less than a week.
The iShares GSCI Commodity Dynamic Roll Strategy exchange-traded fund was a relatively small fund in BlackRock's larger suite of funds.
But on the week of May 26, the ETF-which trades under the ticker COMT and tracks futures contracts tied to commodities from energy to metals to agriculture-scored its biggest one-day influx of new cash on record, according to FactSet data.
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Source: wsj.com
Federal Reserve-Monetary Policy Report
July 9, 2021--The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future." This report-called the Monetary Policy Report-is submitted semiannually to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services, along with testimony from the Federal Reserve Board Chair.
view the Federal Reserve-Monetary Policy Report July 9, 2021
Source: federalreserve.gov
CBO-Monthly Budget Review: June 2021
July 9, 2021--Summary
The federal budget deficit was $2.2 trillion in the first nine months of fiscal year 2021, the Congressional Budget Office estimates-$508 billion less than the deficit recorded during the same period last year.
Although outlays rose by an estimated $289 billion (or 6 percent), revenues rose more-by an estimated $797 billion (or 35 percent).
Outlays in the first nine months of fiscal year 2021 were almost $2 trillion more than spending during the same period two years earlier, in 2019, mostly because of programs and policies implemented in response to the coronavirus pandemic-notably, refundable tax credits (particularly the recovery rebates), expanded unemployment compensation, and the Small Business Administration's Paycheck Protection Program. Outlays in 2020 also were boosted sharply by pandemic-related spending. As a result, the deficits recorded during the first nine months of 2020 and 2021 were significantly larger than the $747 billion shortfall recorded during the same period in fiscal year 2019.
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Source: Congressional Budget Office (CBO)
J.P. Morgan Asset Management Launches Two ActiveBuilders Equity ETFs: JUSA and JIDA
July 8, 2021--Funds expand JPM's newly launched ActiveBuilders ETF suite, seeking to deliver JPM core active management expertise and risk controls through low-cost ETF technology
J.P. Morgan Asset Management today announced the launch of two active equity ETFs, JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (JUSA) and JPMorgan ActiveBuilders International Equity ETF (JIDA) (collectively, the "funds").
The funds join JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) to round out J.P. Morgan Asset Management's ActiveBuilders ETF core equity suite1.
Delivered through the transparent active ETF structure, all three funds will employ the expertise of the JPM Global Equities platform's qualitative and quantitative insights. The ActiveBuilders core equity suite seeks to improve returns and better manage risk across the US, EMEA and emerging markets within a low-cost ETF structure.
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Source: J.P. Morgan Asset Management
Ark bitcoin ETF disclosure reveals planned fee of 0.95%
July 7, 2021--The Ark 21Shares Bitcoin ETF hold and track the performance of the cryptocurrency
Cathie Wood's Ark Invest has set the bar on bitcoin ETF fees, analysts say, after it became the first asset manager to reveal a fee for its proposed bitcoin ETF.
The manager plans to launch a fund that will hold and track the performance of bitcoin, according to a disclosure filed with the Securities and Exchange Commission.
The Ark 21Shares Bitcoin ETF will track the performance of bitcoin in US dollars, as measured by the performance of the S&P bitcoin Index, the filing shows. The ETF trust will also hold bitcoin, and it will trade on the Cboe BZX exchange, according to the filing.
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Source: ft.com
ETF Managers Group (ETFMG(R)) Extends Cannabis and Leveraged ETF Lineup with MJXL
July 7, 2021--Now offering 2x exposure to global cannabis with MJXL, from the issuer who brought investors the first U.S. and world's largest cannabis ETF.
ETF Managers Group LLC (ETFMG(R)), leading exchange-traded fund issuer, announced that the ETFMG 2x Daily Alternative Harvest ETF (NYSE Arca: MJXL) will begin trading today on the New York Stock Exchange.
MJXL is designed to seek daily leveraged investment results, before fees and expenses, of two times (2x) or 200% the performance of the Prime Alternative Harvest Index, providing investors access to the global cannabis ecosystem and benefitting directly from widespread medicinal and recreational legalization initiatives.
The Fund is ETFMG's third cannabis investment offering, joining MJ, the first U.S. listed and world's largest cannabis ETF, and MJUS, providing access to top names in U.S. cannabis, including multi-state operators (MSOs). MJXL also adds to the firm's new suite of 2x Daily Leveraged ETFs, structured to give investors short-term, magnified exposure to high-growth themes already offered by ETFMG.
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Source: ETFMG
ZEGA Financial Launches ZHDG, An Actively-Managed, Buy and Hedge Exchange-Traded Fund
July 7, 2021--July 7, 2021--ZEGA Financial, a registered investment adviser and investment manager known for helping investors successfully navigate volatile and uncertain markets through innovative hedging strategies, today announced the launch of the ZEGA Buy and Hedge ETF (ticker: ZHDG).
The ETF is designed to provide broad U.S. equity large-cap market exposure while seeking to limit downside risk in the event of a material market correction. ZHDG seeks to capture upside market movement to provide long-term capital appreciation while aiming to limit equity losses in any 12-month period.
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Source: ZEGA Financial
U.S. SEC to consider new 'sustainable' fund criteria, data disclosure rules
July 7, 2021--U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler said on Wednesday the regulator would consider rules to require "sustainable" fund managers to disclose the criteria and underlying data used to support the label.
Regulators and activists are becoming increasingly concerned that U.S. funds looking to cash in on the popularity of environmental, social and corporate governance (ESG) investing may be misleading shareholders over their products' underlying holdings, a practice known as "greenwashing."
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Source: reuters.com
IMF-Boosting the Economy: The Impact of US Government Spending Plans
July 1, 2021--Despite the tragic loss of life and immense challenges brought on by the pandemic, the US economy is making a remarkable recovery. The Biden administration’s proposed spending plans will add momentum, raising GDP by more than 5 percent from 2022 to 2024, and will create a lasting impact by increasing productivity and labor force participation.
The economic impact of the American Jobs Plan (AJP) and American Families Plan (AFP) was the focus of the IMF’s annual economic and policy review of the United States. After completing discussions with the country's authorities, IMF staff issued a statement today summarizing their conclusions, which will be discussed by the IMF's Executive Board on July 16.
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Source: IMF
