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IMF-Canada : 2021 Article IV Consultation-Press Release and Staff Report
March 18, 2021--Summary:
The Canadian economy was operating at close to capacity and had strong policy buffers when the COVID-19 pandemic hit. Economic and social restrictions put in place in March 2020 helped to mitigate the first wave of the virus, but they came at a significant cost.
There was an unprecedented decline in activity in the first half of 2020, followed by a strong rebound in the third quarter as virus-related restrictions were eased. With the onset of the second wave of the virus in late September sparking renewed restrictions across the country, the recovery has slowed. Looking ahead, the strength and durability of the recovery hinges on the evolution of the pandemic.
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Source: IMF
BlackRock Debuts Active Muni ETF
March 18, 2021--Today, BlackRock rolled out another active ETF under its main brand rather than the iShares name. The BlackRock High Yield Muni Income Bond ETF (HYMU) can invest in a range of municipal bond debt, and its portfolio is designed to hold at least 65% of its weight in low or medium quality securities.
HYMU comes with an expense ratio of 0.35% and lists on Cboe Global Markets.
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Source: yahoo.com
Federal Reserve issues FOMC statement
March 17, 2021--The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Following a moderation in the pace of the recovery, indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak. Inflation continues to run below 2 percent. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent.
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Source: federalreserve.gov
Roundhill Launches Pro Sports ETF (NYSE: MVP)
March 17, 2021--Roundhill Investments has launched the Roundhill MVP ETF (NYSE: MVP), the first ETF designed to invest in professional sports teams and leagues. Following the launch of MVP, the firm will have a suite of five ETFs with a combined AUM of over $650 million.
Roundhill co-founder Will Hershey commented: "We are excited about the launch of MVP, which will allow everyday investors to own stakes in sports teams they know and love. The professional sports industry had a difficult year in 2020, but we are confident that a successful vaccine rollout will bring fans back to stadiums worldwide."
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Source: Roundhill Investments
Stance Capital Announces Large-Cap Core ESG ETF
March 16, 2021--SMA-focused shop expands product suite through Blue Tractor wrapper
Stance Capital, a pioneer in quantitative ESG investing and research, is proud to announce the launch of the Stance Equity ESG Large Cap Core ETF (NYSE: STNC).
The fund will be a series of The RBB Fund Inc. and will use Blue Tractor’s Shielded Alpha(R) ETF wrapper.
Stance Capital, founded by Bill Davis in 2016, offers a differentiated approach to ESG investing. Its active, semi-concentrated strategy, with a proprietary machine learning model and risk optimization overlay, was previously only available in separately-managed-accounts and through model delivery.
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Source: Stance Capital
SPAC Investment Returns Don't Match 'Hype', SEC Chief Says
March 11, 2021--Acting Chair Lee says agency taking close look at disclosures
She says regulator concerned amid unprecedented issuance.
U.S. regulators are growing concerned that risks posed to shareholders from blank-check companies are getting increasingly dangerous as the SPAC bubble inflates to unprecedented levels.
U.S. regulators are growing concerned that risks posed to shareholders from blank-check companies are getting increasingly dangerous as the SPAC bubble inflates to unprecedented levels.
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Source: Bloomberg
NYSE Active ETF Update-News From the Active ETF Market Looking at the Growth of Active Issue #17
March 11, 2021--Last month, we examined the fast and furious start to 2021 for the active ETF industry, noting the significant impact of ARK. By no means, however, is the rest of the industry lagging in growth.
As a refresher, year-to-date total active ETF industry cash flow is $31.4 billion, a record-smashing figure. Excluding ARK, this total is $16.3 billion, still a record for any similar period in history.
Growth has been widespread. Only one asset class-- U.S. Fixed Income --has not yet experienced an increase in year-over-year growth. Across equity strategies, cash flow increased ˜5X year-over-year to $5.2 billion. This expansion is supported by several new ETFs along with strong investor adoption. Nine of the top 20 ETFs by cash flow year-to-date have launched within the last calendar year. Additionally, investors continue to show interest in thematic based strategies with ETFs focused on cannabis, SPACs and blockchain technologies.
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Source: NYSE
A New Vision for the US Climate Agenda
March 10, 2021--March 12, 2021--Over the next decade, global greenhouse gas emissions need to be cut by 25-50 percent to be on track for meeting the 2015 Paris Agreement goal of containing global warming to 1.5-2°C.The United States intends to do its part. Its climate plan pledges US carbon neutrality by 2050, with a 2030 emissions target to be announced shortly.
The plan envisions stronger energy efficiency standards, clean technology subsidies, and $2 trillion of public funding over ten years for clean energy infrastructure and critical technologies, such as green hydrogen.
This blueprint is an excellent start. Our new research highlights specific fiscal actions that would help curb emissions and broaden support for policies to tackle climate change.
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Source: IMF
ASYMmetric ETFs Launches ASPY
March 10, 2021--ASYMmetric ETFsTM Introduces the ASYMsharesTM ASYMmetric 500 ETF (NYSE: ASPY), a Disruptive Portfolio Risk Management Tool
The inaugural ETF leverages proprietary technology seeking to provide wealth creation through capital preservation.
>ASYMmetric ETFs, LLCT< enters the ETF market with the launch of the ASYMshares TM ASYMmetric 500 ETF (NYSE: ASPY), an innovative turn-key investment solution designed with the potential to generate positive returns across bear and bull markets.
ASPY seeks to track the total return performance, before fees and expenses, of the ASYMmetric 500 IndexTM.
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Source: ASYMmetric ETFsTM, LLC
CBO-Monthly Budget Review: February 2021
March 8, 2021--The federal budget deficit was $1,048 billion in the first five months of fiscal year 2021, CBO estimates-$423 billion more than the deficit recorded during the same period last year.
The federal budget deficit was $1,048 billion in the first five months of fiscal year 2021, the Congressional Budget Office estimates-$423 billion more than the deficit recorded during the same period last year. Outlays were 25 percent higher and revenues were 5 percent higher from October through February than during the same period in fiscal year 2020.
Outlays during the first five months of fiscal year 2020 were boosted by shifts in the timing of certain payments that otherwise would have been due at the beginning of March 2020, which fell on a weekend. Those shifts increased outlays through February 2020 by $52 billion. If not for those shifts, the deficit this year (through February 2021) would have been $476 billion more than in the same period in fiscal year 2020. Three-quarters of that difference is the result of three types of spending in response to the coronavirus pandemic-unemployment compensation, refundable tax credits (consisting of the recovery rebates, the earned income tax credit, and the child tax credit), and the Small Business Administration's Paycheck Protection Program.
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Source: CBO (congressional Budget Office)
