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Federal Reserve: COVID-19 surge threatens economic recovery
July 30, 2020--Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring.
As a result, Powell said, the Fed plans to keep interest rates pinned near zero well into the future.
"The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals," said voting members of the Federal Open Market Committee in their policy statement.
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Source: hoiabc.com
KFA Global Carbon ETF Launches First US-listed ETF to Establish a Global Price for Carbon Emissions*
July 30, 2020--By Going Long the Price of Carbon Emissions Investors Can Support Positive Climate Action
July 30, 2020--Krane Funds Advisors, LLC, the investment manager for KFA Funds and KraneShares ETFs, today announced the launch of the KFA Global Carbon ETF (ticker: KRBN) on the New York Stock Exchange.
KRBN is benchmarked to IHS Markit's Global Carbon Index, which offers broad coverage of cap-and-trade carbon allowances by tracking the most traded carbon credit futures contracts.
The index introduces a new measure for hedging risk and going long the price of carbon while supporting responsible investing. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), and the Regional Greenhouse Gas Initiative (RGGI).
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Source: Krane Funds Advisors, LLC
Global X ETFs releases new Telemedicine & Digital Health ETF tracking ARTIS(R)-based Solactive Index
July 30, 2020--Digitization continues to permeate many areas of society's everyday life. The healthcare sector is a prime example of this trend, as a historically localized and analog industry increasingly adopts digital solutions to improve health outcomes and reduce costs.
To capture the growth potential associated with this theme, Global X ETFs is introducing the Telemedicine & Digital Health ETF (EDOC), which includes companies both providing or are affiliated with digital medical services and digital healthcare.
According to recent statistics, the global digital health market is expected to reach a value of USD 504.4 billion by 2025, growing with an expected CAGR of 29.6 percent from 2019 to 2025[1]. Investors, who want to participate in the potential growth of the digital health market, now have the opportunity to invest in a basket of companies pooled into EDOC, which tracks the Solactive Telemedicine & Digital Health Index.
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Source: Solactive AG
CFTC Swaps Report Update
July 29, 2020--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
US financial advisers struggle to overcome their lack of racial diversity
July 29, 2020--Financial firms across the US rushed to display their commitment to racial justice and diversity after the killing of George Floyd in police custody.
The industry has vowed to change-starting with a need to engage with black and Latino communities
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Source: FT.com
Federal Reserve issues FOMC statement
July 29, 2020--The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world.
Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
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Source: federalreserve.gov
Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021
July 29, 2020--July 29, 2020--The Federal Reserve on Wednesday announced the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021. These facilities were established in March 2020 to ease strains in global dollar funding markets resulting from the COVID-19 shock and mitigate the effect of such strains on the supply of credit to households and businesses, both domestically and abroad.
The extensions of these facilities will help sustain recent improvements in global U.S. dollar funding markets by maintaining these important liquidity backstops. In addition, the FIMA repo facility will help support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market.
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Source: federalreserve.gov
ETFs are the canary in the bond coal mine
July 29, 2020--Exchange traded funds deserve more scrutiny in light of March's market turmoil
Ever since the 2008 financial crisis, policymakers and pundits have wondered what would happen to the cogs of finance in the next big global market shock. Now, they have a test case to dissect: the widespread market drama that occurred in March as Covid-19 spread worldwide and economies began locking down.
While it is still too early to pass definitive judgment on the overall resilience of banks and finance-since the full tally of Covid-19 pain remains unclear-some curious micro-lessons are emerging that deserve more debate.
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Source: FT.com
Fed buying spree could move to long end of yield curve: analysts
July 29, 2020--The Federal Reserve may shift more of its buying to the long end of the yield curve, analysts say, as the Treasury market braces for a surge in supply to finance relief efforts in the wake of the coronavirus pandemic.
Such a move, which is not expected before the central bank's September meeting, would avert a potential mismatch in Treasury supply and demand and help stabilize long-end rates.
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Source: reuters.com
U.S. GDP likely sank a record 35% in the 2nd quarter after coronavirus ravaged the economy
July 29, 2020--U.S. GDP set to post biggest decline since World War Two
The U.S. suffered the biggest economic decline in the second quarter since the government began keeping track after World War Two. How much? Try 30%-or more.
Economists polled by MarketWatch estimate gross domestic product-the official scorecard for the U.S. economy-contracted by a record 34.6%annual pace from the start of April to the end of June.
Before the coronavirus pandemic, the largest drop in GDP on record was 10% in 1958. The government's quarterly GDP figures go back to 1947.
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Source: marketwatch.com
