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CBO-Federal Debt: A Primer
March 13, 2020--From the end of 2008 to 2019, the amount of federal debt held by the public nearly tripled. This report describes federal debt, various ways to measure it, CBO's projections for the coming decade, and the consequences of its growth.
Summary
During the past decade, the federal government's debt increased at a faster rate than at any time since the end of World War II, outstripping economic growth over that period. At the end of 2019, federal debt was higher than at any other time since just after the war.
This report presents CBO's analysis of federal debt, ways to measure it, and the consequences of its growth.
Debt held by the public, which indicates the extent to which federal borrowing affects the availability of private funds for other borrowers, is the measure of debt CBO uses most often in its reports on the budget.
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Source: Congressional Budget Office (CBO)
S&P Dow Jones Indices Postpone Quarterly Index Rebalance After Market Tumult
March 13, 2020--Following the stock market's nearly 10% selloff on Thursday, the S&P Dow Jones Indices announced that it will postpone the quarterly rebalance for its equity indexes–including the Dow Jones Industrial Average and the S&P 500-that was scheduled to take effect after the market close on March 20.
The index provider said it made the decision due to the recent period of "extreme global market volatility, market wide circuit breaker events and exchange closures," but didn’t disclose when the rescheduled date would be.
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Source: barrons.com
Cracks in US Treasuries could spell real trouble
March 12, 2020--Analysts say unwinding of 'relative value' trades could exacerbate a sell-off
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Source: FT.com
Dow enters bear market after coronavirus declared pandemic
March 11, 2020--The blue chip index dives nearly 1,500 points as a record, 11-year stock rally comes to a close
Wall Street went into a deep slump Wednesday, falling so far and so fast that the Dow Jones industrial average officially tipped into a bear market, ending a record 11-year stock rally.
The bear market reflects a 20 percent fall from record highs, which the Dow hit less than a month ago, and came after the coronavirus officially became a pandemic.
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Source: washingtonpost.com
Two Leveraged Oil Products to Shut Down in Wake of Epic Crash
March 10, 2020--WisdomTree will close geared products linked to WTI and Brent
Firm blames 'extreme adverse move' in crude futures contracts
Monday's spectacular crash in oil prices has claimed its first victims among exchange-traded products: Two highly leveraged instruments in Europe will shutter as a result of the maelstrom.
The WisdomTree Brent Crude Oil 3x Daily Leveraged and the WisdomTree WTI Crude Oil 3x Daily Leveraged products will both be terminated "due to an extreme adverse move in oil futures." according to a notice on the issuer's website.
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Source: bloomberg.com
Nationwide debuts ETF with options trading strategy
March 10, 2020--Nationwide has brought to NYSE Arca an exchange-traded fund that gives exposure to an options trading strategy called a protective net-credit collar to produce income.
The Nationwide Risk-Managed Income ETF is actively managed by Harvest Volatility Management.
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Source: smartbrief.com
CBO-Monthly Budget Review for February 2020
March 6, 2020--The federal budget deficit was $625 billion for the first five months of fiscal year 2020, CBO estimates, $80 billion more than the deficit recorded during the same period last year. Revenues and outlays alike were higher through February of this year-by 7 percent and 9 percent, respectively-than during the first five months of fiscal year 2019.
However, outlays during the first five months of this year were boosted by shifts in the timing of certain payments that otherwise would have been due on March 1, which fell on a weekend. Those shifts increased outlays through February by $52 billion; without them, the outlay increase would have been 6 percent and the deficit for the first five months of 2020 would have been $572 billion, roughly $28 billion larger, rather than $80 billion larger, than the amount for the same period last year.
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Source: Congressional Budget Office
New ETFS Take Active Approach to AI and ESG
March 3, 2020--TrueMark Investments today entered the exchange-traded fund market with its first two products-the TrueMark Technology, AI and Deep Learning Fund (LRNZ) and TrueMark ESG Active Opportunities Fund (ECOZ).
Who is TrueMark, and what are the chances these new products can grab the attention of financial advisors and retail investors in the competitive ETF marketplace?
TrueMark Investments LLC in Rosemont, Ill., seeks to become a player in the thematic ETF space.
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Source: /truemarkinvestments.com
Bond Market's Safest Space Beckons in $6.8 Billion Haven Rush
March 3, 2020--As market volatility goes through the roof, investors are ducking for cover in exchange-traded funds tracking short-term bonds.
BlackRock Inc.'s $18 billion iShares 1-3 Year Treasury Bond ETF, ticker SHY, attracted nearly $660 million on Monday, the fund’s biggest one-day inflow since 2015, according to data compiled by Bloomberg.
Roughly $6.8 billion has flowed into short-dated debt ETFs--which feature bonds maturing in three years or less--so far in 2020, while longer-term funds have drawn in $4 billion during the same period.
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Source: bnnbloomberg.ca
Federal Reserve issues FOMC statement
March 3, 2020--The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1-1/4 percent.
The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.
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Source: federalreserve.gov
