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Federal Reserve-Monetary Policy Report-June 2022
June 17, 2022--June 17, 2022--Summary
Monetary Policy Report submitted to the Congress on June 17, 2022, pursuant to section 2B of the Federal Reserve Act
In the first part of the year, inflation remained well above the Federal Open Market Committee's (FOMC) longer-run objective of 2 percent, with some inflation measures rising to their highest levels in more than 40 years.
These price pressures reflect supply and demand imbalances, higher energy and food prices, and broader price pressures, including those resulting from an extremely tight labor market.
In the labor market, demand has remained strong, and supply has increased only modestly. As a result, the unemployment rate fell noticeably below the median of FOMC participants' estimates of its longer-run normal level, and nominal wages continued to rise rapidly. Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. The most recent indicators suggest that private fixed investment may be moderating, but consumer spending remains strong.
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Source: federalreserve.gov
BlackRock Announces Product Updates to 11 U.S.-listed ETFs
June 17, 2022--iShares today announced its plans to close the following U.S.-listed ETFs on August 25, 2022.
Ticker: AGT
Fund Name: iShares MSCI Argentina and Global Exposure ETF
Ticker: EMBH
Fund Name: iShares Interest Rate Hedged Emerging Markets Bond ETF
Ticker:
EWJE
Fund Name: Shares MSCI Japan Equal Weighted ETF
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Source: ishares.com
Global X ETFs to Transfer Exchange Listing of the Global X Russell 2000 Covered Call ETF (RYLD) from Cboe to NYSE
June 17, 2022--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced intentions to transfer the Global X Russell 2000 Covered Call ETF (RYLD) from Cboe BZX Exchange, Inc. to NYSE Arca, Inc. on July 1, 2022 at market open.
The fund aims to provide investors with exposure to the stocks in the Russell 2000 Index while implementing an at-the-money covered call-writing strategy to the U.S. small cap space. RYLD follows a "covered call" or "buy-write" strategy, in which the fund buys exposure to the stocks in Russell 2000 and "writes" or "sells" corresponding call options on the same index.
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Source: Global X Management Company LLC
SEC looks at stricter rules for index providers
June 16, 2022--S&P Global and MSCI could be reclassified as investment advisers by US regulator
Wall Street's top watchdog is examining whether to impose stricter rules on providers of financial indices that now guide trillions of dollars of investments globally.
The Securities and Exchange Commission on Wednesday formally requested information from the market on whether to impose tougher standards on companies such as S&P Global, MSCI and FTSE Russell, which are considered data publishers at present.
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Source: ft.com
BlackRock Launching Energy Transition Megatrend-Focused Infrastructure Strategy
June 16, 2022--Investment giant BlackRock announced today plans to launch a new "perpetual infrastructure strategy," aimed at pursuing long-term investment opportunities in the megatrend themes of energy transition and energy security.
BlackRock stated that it will work with infrastructure businesses over the long-term to help drive the global energy transition, and that it will take an active approach in helping companies transition to lower-carbon business models over time.
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Source: esgtoday.com
Optimize Advisors Launches AI Smart Sentiment Event-Driven ETF
June 16, 2022--Optimize Advisors has launched the Optimize AI Smart Sentiment Event-Driven ETF (NYSE Arca: OAIE), an actively managed, long-only fund listed on the New York Stock Exchange Arca with a rigorous, systematic process at its core.
OAIE primarily invests in common stocks with attractive upcoming event opportunities, normally 10 to 30 large-cap constituents with weekly options. It selects its holdings through a proprietary Options Artificial Intelligence "Smart Sentiment" technology, which seeks to distill investment wisdom hidden within the options markets.
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Source: yahoo.com
SEC Requests Information and Comment on Advisers Act Regulatory Status of Index Providers, Model Portfolio Providers, and Pricing Services
June 15, 2022--Commission Seeking Public Comments Regarding "Information Providers" Acting as "Investment Advisers"
The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the activities of certain "information providers," including whether, under particular facts and circumstances, information providers are acting as "investment advisers" under the Investment Advisers Act of 1940 ("Advisers Act").
The Request specifically focuses on index providers, model portfolio providers, and pricing services.
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Source: sec.gov
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 14-15 FOMC meeting
June 15, 2022--The following tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 14-15 meeting.
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Source: federalreserve.gov
Federal Reserve issues FOMC statement
June 15, 2022--Overall economic activity appears to have picked up after edging down in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low.
Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.
The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions. The Committee is highly attentive to inflation risks.
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Source: federalreserve.gov
Congressional Budget Office-The Budget and Economic Outlook: 2022 to 2032
June 14, 2022--Summary
CBO projects a federal budget deficit of $1.0 trillion in 2022 and an average annual shortfall of $1.6 trillion from 2023 to 2032, under the assumption that existing laws governing taxes and spending generally remain unchanged. Federal debt held by the public is projected to dip to 96 percent of GDP in 2023, but then to rise each year thereafter, reaching 110 percent in 2032, higher than it has ever been.
In CBO's projections, elevated inflation initially persists in 2022 and then subsides as supply disruptions dissipate, energy prices decline, and less accommodative monetary policy takes hold.
The price index for personal consumption expenditures increases by 4.0 percent in 2022, real (inflation-adjusted) GDP grows by 3.1 percent, and the unemployment rate averages 3.8 percent.
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Source: Congressional Budget Office (CBO)
