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iMoneyNet - Money Market Fund Analysis
The pandemic-fueled volatility of 2020 had the effect of driving total, taxable, government, and retail U.S. money-market fund assets higher, but it had the opposite effect on the already-struggling tax-free and municipal-fund sector of the industry, reducing the number of tax-free funds by nearly 15 percent since January 2020 and assets in those funds over the same period by 41.7 percent to the lowest levels since iMoneyNet began tracking tax-free fund data in 1981. As of end-May 2021, total assets in tax-free funds stood at $92.4 billion, down from $107 billion in early January and from $141.0 billion in January 2020, just prior to the outbreak of the COVID pandemic, as the table above shows. Similarly, the number of funds fell to 162 on May 31 of this year, a reduction from 185 as the year began and from 187 in early 2020. Read more...
Topic Industry News
Zephyr Portfolio Analytics
The Federal Reserve (Fed) and inflation are clearly in the crosshairs of investors moving forward after the Fed signaled that they may tighten monetary policies sooner than expected as inflation and the economy have recovered quicker than expected. During the week ahead we will get another look at the Fed’s preferred inflation gauge (core PCE) on Friday which will be widely watched.
Topic Industry News
EPFR - fund flow & allocations data
Ahead of the Federal Reserve’s June policy meeting, investors shrugged off the highest monthly inflation number for the US in over a decade and steered over $35 billion into EPFR-tracked US Equity and Bond Funds as the yield on 10-year Treasuries dropped below 1.5%. Over the same period US Money Market Funds posted their largest outflow year-to-date.
Topic Industry News
Zephyr Portfolio Analytics
The highlight of the week ahead will be the Federal Reserve’s June meeting announcement and Fed Chairman Jerome Powell’s follow up press conference. Most will continue to focus on the Fed’s statement regarding rising inflation and any clues on when the central bank may begin to taper its asset purchases, so it doesn’t fall behind the curve. With manufactures struggling to find qualified labor and contending with higher input prices, I will also be watching the regional manufacturing indexes during the week ahead, which tend to be good indicators for the broader manufacturing sector.
Topic Industry News
EPFR - fund flow & allocations data
What narrative to back? The developed markets reflation story? An increasingly green future? A fairytale financial universe populated by cryptocurrencies and meme stocks? A gothic novel featuring higher taxes, inflation and state intervention? The search for direction during the first week of June saw investors commit over $5 billion to the two major EPFR-tracked multi asset fund groups, increase their exposure to Europe’s gathering rebound, add to their inflation hedges and extend lengthy inflow streaks for a number of fund groups with socially responsible (SRI) or environmental, social and governance (ESG) mandates. US Equity Funds, however, saw their record-setting run of inflows come to an end as the focus shifted from America’s strong growth to May’s headline inflation number – it came in at 5%, the highest since 2008 – and the higher taxes that currently seem inevitable. Municipal Bond Funds saw flows hit a 17-week high as they recorded their 22nd inflow year-to-date, TIPS Bond Funds racked up their 36th consecutive inflow and US Bank Loan Funds absorbed fresh money for the 23rd straight week. Overall, EPFR-tracked Bond Funds recorded a collective inflow of $12.4 billion during the week ending June 9. Equity Funds took in a net $1.5 billion, a number that would have negative but for flows into SRI/ESG Funds, with Dividend Equity Funds posting their 13th inflow in the past 15 weeks. But YTD net flows into all Equity Funds have already exceeded the current full-year record of $358 billion set in 2013. Three out of every four dollars committed by equity investors so far this year have gone to Equity ETFs.
Topic Industry News
IGM FX and Rates
IGM Insights | Wednesday, 9th June 2021 - Viewpoint - Extend and Pretend - Emerging FX - Seasonality in June - China Insight - Liquidity stays ample despite PBOC FX intervention - FX Majors - EUR/GBP 0.8500-0.9000 range to continue holding - Long term FX Majors & Rates forecasts
Topic Industry News
IGM Credit
European Structured Finance May 2021 in Review - CLO market dominant accounting for 17 of 26 public deals in May - Auto supply matches April with three public issues, including new benchmarks - RMBS supply accelerates from April as four deals, specialist sales lead - CMBS market sees first deal since mid March - Market busy, but downward supply trend from February peak extends
Topic Industry News
EPFR - fund flow & allocations data
The final days of May and first two of June did little to help investors reconcile the tension between the US reflation story and signs that inflationary pressures are building in the world’s largest economy. With US President Joe Biden’s first budget proposal calling for an 18% jump from the current fiscal year’s budget to $6 trillion in FY22, with well over $1 trillion of that borrowed, and the price of oil hitting a one-year high the case for both outcomes received a boost during the week ending June 2. Investors responded by adding to their exposure to US assets and boosting their inflation hedges. Flows into Commodities Sector Funds hit a 14-week high, the current inflow streak for Inflation Protected Bond Funds hit 28 weeks and $50 billion, US Equity Funds absorbed fresh money for the 10th straight week – their longest such run since EPFR started tracking them in 4Q00 – and US Bond Funds recorded their 60th inflow since the beginning of 2Q20. Europe’s accelerating recovery currently offers a developed market rebound story with much lower inflation expectations. Europe Equity Funds extended their longest inflow streak since 4Q17 and Europe Bond Funds chalked up their 11th inflow in the past 12 weeks. Overall, the week ending June 2 saw EPFR-tracked Equity Funds record a collective inflow of $14.7 billion. Alternative Funds pulled in $738 million, Balanced Funds $1.8 billion, Bond Funds $11.7 billion and Money Market Funds $16.2 billion.
Topic Industry News
IGM Credit
IGM Global Credit Snapshot | Thursday, 3rd June 2021 - New issuance market proves resilient in May despite volatility in broader markets. - US IG funding conditions improve, with some of the chunkiest deals this year. - European FIG and CORPs step up funding aggressively amid receptive conditions. - Signs of investors returning to high yield APAC US$ market as volumes rise, NICS slump. - For more specific regional highlights see below.
Topic Industry News
EPFR - fund flow & allocations data
It’s amazing how much money one fund can gather when it hits a sweet spot. Last month, money poured into the Mexican ESG category, continuing a strong run that started in August last year, according to EPFR data. But all these flows were driven by just one exchange-traded fund (ETF) - iShares ESG MSCI Mexico...
Topic Industry News ESG
Financial Industry Peer Analysis and Bank Benchmarking, Lend...
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Zephyr Portfolio Analytics
The upcoming week is jobs week with both the ADP employment and the nonfarm payroll reports for May being released. With inflation numbers spiking, all eyes now turn to the strength of the labor market which will contribute to the decision-making process of the Fed. I will be paying close attention to wage growth as employers struggle to fill jobs and may be forced to increase wages to attract workers, which will also contribute to higher inflation.
Topic Industry News
EPFR - fund flow & allocations data
While pent-up consumer demand and catch-up business investment have been key assumptions behind the US reflation story, one reservoir of fuel for this narrative continues to fill up. During the week ending May 26, flows into EPFR-tracked US Money Market Funds hit a 51-week high, lifting year-to-date inflows to these liquidity vehicles over the $300 billion mark. Investors remain torn between the eye-popping rebound in US economic growth, bolstered by epic levels of fiscal stimulus and expectations that the combination of current vaccinations and past infections will add up to ‘herd immunity’ against Covid-19 by 3Q21, and fears this rebound will lift inflation – and inflationary expectations – to disruptive heights. US Equity Funds recorded their 15th inflow in the past 16 weeks while Bank Loan and Inflation Protected Bond Funds absorbed fresh money for the 21st and 27th consecutive week respectively and flows into Gold Funds hit a 35-week high.
Topic Industry News
IGM FX and Rates
IGM Insights | Wednesday, 26th May 2021 - FX Majors - USD momentum remains weak - US Rates - Politics intrudes on the Biden agenda - Emerging Asia - Better prepared for taper talk than in 2013 - CEEMEA - South African Rand's prospects into year end - Technical Analysis - NZD/USD weekly
Topic Industry News
EPFR - fund flow & allocations data
Experts have warned that failing to share Covid vaccines with poorer nations will ultimately harm all countries as it allows dangerous variants to generate and spread. From an economic perspective, it also kills off trade with vital partners. These warnings are coming to pass...
Topic Industry News
07 Jul 2021 , 16:00
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