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CBO-Federal Net Interest Costs: A Primer
December 15, 2020--Summary
In fiscal year 2020, the government's net outlays for interest totaled $345 billion, equal to 1.6 percent of gross domestic product (GDP) and accounting for 5.3 percent of total spending. The interest the government pays on debt held by the public has remained low as a percentage of GDP, even though that debt has risen to historically high levels. Interest costs are projected to grow steadily as interest rates rise and the size of the debt increases.
Although the federal government has increased its borrowing from the public by $12 trillion (or roughly 130 percent) in the past 10 years, net annual outlays for interest rose by $149 billion (or roughly 75 percent) because interest rates fell to historically low levels.
What Is Net Interest?
The government pays and collects interest in various ways. Net interest consists of the interest it pays minus the interest it receives. The outlays largely reflect the interest paid to holders of the debt that the Treasury issues to the public. Although the Treasury also issues debt to trust funds and other government accounts, the payment of interest to those accounts is an intragovernmental transaction that has no effect on the budget deficit.
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Source: CBO(Congressional Budget Office)
Distillate Capital Launches DSTX, International Fundamental Stability & Value ETF
December 15, 2020--Value manager beating the S&P 500 launches International Fund
Distillate Capital, a fundamentals-driven Chicago-basedequity manager, today announced the launch of its second ETF, the Distillate International Fundamental Stability & Value ETF (NYSE:DSTX).
This fund seeks to distill a starting universe of around 1,500 non-U.S. large- and mid-cap stocks down to 100 attractively valued stocks that exhibit stable cash flows and healthy balance sheets. Instead of relying on short-term price volatility and outdated valuation metrics that have largely failed investors, Distillate focuses on free cash flow generation as the relevant metric to assess both valuation and risk. Distillate Capital's approach seeks to preserve capital and take advantage of pricing opportunities, returning to the most basic concepts in value-investing, now adjusted for the underlying economy of the 21st century.
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Source: Distillate Capital
MassMutual’s Bitcoin Buy May Presage $600B Institutional Flood: JPMorgan
December 14, 2020--JPMorgan analysts have said the recent bitcoin purchases by Massachusetts Mutual Life Insurance Co. are a sign of growing mainstream acceptance for the cryptocurrency.
MassMutual's bitcoin purchases represent another milestone in the bitcoin adoption by institutional investors, "JPMorgan's strategists said, according to Bloomberg on Monday.
"One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual's example,”" they added.
On Thursday, the 169-year old insurance firm announced bitcoin purchases worth $100 million, as well as a $5 million equity stake in NYDIG-a financial services firm focused on bitcoin with $2.3 billion in the asset under management.
MassMutual's move suggests insurance firms and pension funds are beginning to look at bitcoin as an investment/reserve asset alongside increased demand from wealthy investors and family offices.
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Source: yahoo.com
State Street to Explore Options for Asset Management Arm
December 11, 2020--Firm working with adviser to explore mergers for division
State Street has weighed deals with rivals like Invesco, UBS
State Street Corp. is exploring options for its asset management business, including a merger with a competitor, as it seeks to gain scale, people familiar with the matter said.
The Boston-based firm has been informally working with an adviser to review strategic alternatives for the unit, known as State Street Global Advisors, according to the people. It has evaluated potential combinations with the asset management operations of rivals including Invesco Ltd. and UBS Group AG, the people said, asking not to be identified because the information is private.
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Source: bloomberg.com
Inflation debate looms large over US market outlook
December 11, 2020--Fed's shift of strategy to tolerate rising prices above target was key signal for investors.
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Source: FT.com
Corporate America's Borrowing Binge May Be Ending
December 10, 2020--Net new supply of new bonds could hit the lowest level since 2002 next year-a potential headache for bond fund managers
Barclays research indicates bond issuance by firms with an investment-grade credit rating will fall as much as 32% next year, while Bank of America analysts predict corporate bond issuance will be the lowest since record keeping started in 2002.
The figures signal an end to this year's surge in corporate borrowing.
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Source: wsj.com
SEC Adopts Rules to Modernize Key Market Infrastructure Responsible for Collecting, Consolidating, and Disseminating Equity Market Data
December 9, 2020--Fosters a competitive environment for core components of the national market system for the first time
The Securities and Exchange Commission today adopted rules to modernize the infrastructure for the collection, consolidation, and dissemination of market data for exchange-listed national market system stocks ("NMS market data"). This infrastructure has not been significantly updated since its initial implementation in the late 1970s.
The adopted rules update and significantly expand the content of NMS market data to better meet the diverse needs of investors in today's equity markets. The adopted rules also update the method by which NMS market data is consolidated and disseminated, by fostering a competitive environment and providing for a new decentralized model that promises reduced latency and other new efficiencies.
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Source: sec.gov
SEC Approves Plan to Bring More Detailed Stock-Market Data to Public
December 9, 2020--Under the plan, data showing supply and demand for stocks will be added to public feeds
The Securities and Exchange Commission approved a plan to beef up the public data feeds that broadcast stock prices to investors, broadening access to market information that exchanges sell to professional traders at a premium.
Under the SEC's plan, detailed data showing supply and demand for stocks will be added to the public feeds, which are called securities information processors, or SIPs. Wall Street banks and electronic trading firms use such data to predict short-term price moves and ensure that they get good prices when buying or selling stocks.
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Source: wsj.com
US exchanges face added pressure on data fees under SEC clampdown
December 9, 2020--Regulator in bipartisan agreement to toughen rules and introduce competition.
Regulator in bipartisan agreement to toughen rules and introduce...view more
Source: FT.com
Adasina Social Capital Launches Social Justice ETF
December 9, 2020--The Adasina Social Justice All Cap Global ETF (NYSE: JSTC) tracks the firm's proprietary index and methodology which supports the advancement of racial, gender, economic, and climate justice.
Adasina Social Capital ("Adasina"), an investment and financial activism firm that serves as a critical bridge between financial markets and social justice movements, today announced the launch of the Adasina Social Justice All Cap Global ETF (ticker: JSTC).
The ETF is now available and can be accessed directly through Adasina Social Capital and most investment platforms.
The exchange-traded fund (ETF) includes global companies whose business practices are aligned with Adasina Social Justice Investment Criteria, and excludes companies whose practices impede the advancement of equitable systems. The investment criteria is a data-driven set of investment standards determined by working closely with social justice movements to identify the issues most directly affecting their communities- with a particular focus on racial, gender, economic, and climate justice.
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Source: Adasina Social Capital
