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Monetary Policy Report to the Congress
Monetary Policy Report submitted to the Congress on March 1, 2011, pursuant to section 2B of the Federal Reserve Act
March 1, 2011--Economic activity in the United States expanded at a moderate pace, on average, in the second half of 2010 and early 2011. In the spring and early summer, a number of key indicators of economic activity softened relative to the readings posted in late 2009 and the first part of 2010, raising concerns about the durability of the recovery. In light of these developments--and in order to put the economic recovery on a firmer footing--the Federal Open Market Committee (FOMC) provided additional monetary policy stimulus during the second half of 2010 by reinvesting principal repayments from its holdings of agency debt and agency mortgage-backed securities in longer-term Treasury securities and by announcing its intention to purchase an additional $600 billion of Treasury securities by the end of the second quarter of 2011.
Financial market conditions improved notably in the fall of 2010, partly in response to actual and expected increases in monetary policy accommodation. In addition, later in the year, the tenor of incoming economic news strengthened somewhat, and the downside risks to economic growth appeared to recede. Nonetheless, the job market has improved only slowly. Employment gains have been modest, and although the unemployment rate fell noticeably in December and January, the margin of slack in the labor market remains wide. Meanwhile, despite rapid increases in commodity prices, longer-term inflation expectations remained stable, and measures of underlying consumer price inflation continued to trend downward on net.
Real gross domestic product (GDP) rose at a moderate rate in the third quarter. Inventories provided the principal impetus to growth while final sales showed little vigor--the same pattern that prevailed in the first half of the year. Less favorable readings that began to emerge during the second quarter for a range of indicators--new claims for unemployment insurance, industrial production, and numerous surveys of business activity, among others--pointed to a slowing in the pace of the recovery and suggested that the transition from a recovery boosted importantly by the inventory cycle to one propelled mainly by private final demand was proceeding only very gradually. Later in the year, however, this process appeared to gain traction. Indeed, real GDP is estimated to have risen a little faster in the fourth quarter than in the third quarter despite a substantial slowdown in the pace of inventory investment in the fourth quarter; final sales increased much more rapidly in the fourth quarter than earlier.
Over the second half of 2010, consumer spending posted a solid gain, boosted in part by continued, albeit modest, increases in real wage and salary income; some waning of the drag on outlays from earlier declines in household net worth; and a modest improvement in the availability of consumer credit. Businesses continued to step up their spending on equipment and software in response to a brighter outlook for sales as well as more favorable conditions in credit markets. In the external sector, the continued rebound in exports was supported by firming foreign demand. Meanwhile, the construction sector remained exceptionally weak.
read more view Monetary Policy Report to the Congress Broadridge’s Access Data Introduces Unique Tax Management Solution “Until now, a mutual fund or ETF could only estimate aggregate shareholder positions and not effectively
calculate the positions by state. As states take a more aggressive stance in scrutinizing tax estimates the
market need for this solution became very evident to us,” said Gerard Scavelli, President, Mutual Fund
Solutions, Broadridge. “With the extensive information available to Broadridge, we were able to create
this solution in collaboration with our clients, and solve a real industry problem,” added Mr. Scavelli. read more Concurring Statement, Commodity Futures Trading Commission Strategic Plan FY 2011-2015 If we learned anything from the 2008 financial crisis, it’s that improved transparency and integrated cross divisional analysis is critical. The Commission’s own shortcomings in data collection and cooperation were identified in the March 2009 Promontory Financial Group Market Surveillance Review (the “Promontory Report”), which found that communications between divisions “appears to impede the overall effectiveness of the Commission’s effort to not only detect and prevent, but in certain circumstances, to take enforcement action against market manipulation.” The report found that the lack of cooperation and coordination among the divisions within the Commission limited the CFTC’s effectiveness. read more
Public Citizen
CFTC Background and Funding Needs
The CFTC is charged with overseeing the commodity futures markets. This includes contracts on agricultural commodities, such as wheat, corn and cotton. It also includes energy and metals commodities, such as crude oil, heating oil, gasoline, copper, gold and silver. Lastly, it includes contracts on financial products, such as interest rates, stock index futures and foreign currency. These markets – and our regulatory oversight – affect tens of thousands of farmers, ranchers, oil producers, corporations and anybody else who wants to hedge a risk and get the benefits of transparent pricing in competitive markets. read more PAX World files with the SEC view filing
FocusShares files with the SEC view filing Yorkville files with the SEC Grail files with the SEC view filing Rydex files with the SEC view filing PowerShares files with the SEC
PowerShares Insured California Municipal Bond Portfolio(PWZ) PowerShares Insured National Municipal Bond Portfolio(PZA) PowerShares Insured New York Municipal Bond Portfolio(PZT) PowerShares International Corporate Bond Portfolio(PICB) PowerShares Preferred Portfolio(PGX) PowerShares VRDO Tax-Free Weekly Portfolio(PVI) view filing
Source: Board of Governors of the Federal Reserve System
March 1, 2011--Broadridge Financial Solutions, Inc. (NYSE:BR) today
announced a unique tax management solution providing mutual fund managers and ETF sponsors
access to data to accurately calculate state tax obligations.
Broadridge’s Multi-State Tax Management solution, the first of its kind, collects, organizes and tabulates
shareholder account data across distribution channels in all 50 states, without divulging specific
shareholder information. It enables chief financial officers and their corporate tax managers to effectively
apportion state taxes.
Source: Broadridge
Commissioner Scott D. O’Malia
March 1, 2011--I support the Strategic Plan because the Commission is now committed to reorganizing the CFTC’s technology, data collection and analysis functions into a central group. For the first time, the Commission will focus on its technology needs in an organized manner to enhance its oversight of the futures markets and meet its new statutory responsibilities under the Dodd-Frank Act. As proposed, the new group will serve as the primary data collection point and will improve the CFTC’s cross market surveillance capabilities. It’s my expectation that this group will develop core risk analysis competencies that will provide great value to the Commission and industry as a whole.
This group should be provided its own budget separate from the Commission operations’ funds to specifically advance technology investments, automated surveillance, automation of all forms and compliance applications, and enhanced cross division and cross market analytical tools. While the Strategic Plan indicates that the reorganization of the Commission will be completed in the near future, it is my hope that the new technology and data group will be in place by July 15, 2011, consistent with the implementation date of the Dodd-Frank Act. The CFTC should address its organizational challenges in the same manner and with the same conviction it has demonstrated in implementing the Dodd-Frank Act within the statutory time frame.
Source: CFTC.gov
February 28, 2011--Good afternoon. I thank Robert Weissman for that kind introduction as well as Public Citizen for inviting me to speak today.
The 2008 financial crisis left us with many lessons and many challenges to tackle. At the Commodity Futures Trading Commission (CFTC), we swim in the derivatives lane. In July of last year, Congress passed – and the President signed – the Dodd-Frank Wall Street Reform and Consumer Protection Act to, among other things, bring the unregulated over-the-counter derivatives markets under comprehensive regulation. Those derivatives, also known as “swaps,” were not the only cause of the 2008 financial crisis, but they played a significant role.
Markets work best when they are transparent, open and competitive. The American public has benefited from these attributes in the futures and securities markets since the great regulatory reforms of the 1930s. In enacting reforms after this generation’s financial crisis, Congress directed the CFTC and the Securities and Exchange Commission (SEC) to bring similar features to the swaps and securities-based swaps markets. We are in the midst of the rule-writing process to fulfill Congress’s direction.
Source: CFTC.gov
February 28, 2011--PAX World Funds Trust II has filed a post-effective amendment, registration statement with the SEC for the Pax MSCI North America ESG Index ETF (NASI) and
the Pax MSCI EAFE ESG Index ETF (EAPS).
Source: SEC.gov
February 28, 2011--FocusShares has filed a post-effective amendment, registration statement with the SEC for 15 ETFs. They are the
Focus Morningstar US Market Index ETF
Focus Morningstar Large Cap Index ETF
Focus Morningstar Mid Cap Index ETF
Focus Morningstar Small Cap Index ETF
Focus Morningstar Basic Materials Index ETF
Focus Morningstar Communication Services Index ETF
Focus Morningstar Consumer Cyclical Index ETF
Focus Morningstar Consumer Defensive Index ETF
Focus Morningstar Energy Index ETF
Focus Morningstar Financial Services Index ETF
Focus Morningstar Health Care Index ETF
Focus Morningstar Industrials Index ETF
Focus Morningstar Real Estate Index ETF
Focus Morningstar Technology Index ETF
Focus Morningstar Utilities Index ETF
Source: SEC.gov
February 28, 2011--Yorkville ETF Advisors have filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
February 28, 2011--Grail Advisors has filed a post-effective amendment, registration statement with the SEC for Grail Advisors Actively Managed ETFs. The funds are the RP Growth ETF (RPX) and
RP Focused Large Cap Growth ETF (RWG).
Source: SEC.gov
February 28, 2011--Rydex has filed a post-effective amendment, registration statement with the SEC for the Rydex S&P 500 Equal Weight ETF (NYSE Arca, Inc .: RSP)
(formerly, Rydex S&P Equal Weight ETF)
and
Rydex Russell Top 50 ® ETF (NYSE Arca, Inc.: XLG)
Source: SEC.gov
February 28, 2011--PowerShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares 1-30 Laddered Treasury Portfolio (PLW)
PowerShares Build America Bond Portfolio (BAB)
PowerShares Emerging Markets Sovereign Debt Portfolio (PCY).
PowerShares Fundamental High Yield® Corporate Bond Portfolio(PHB)
Source: SEC.gov
