Beyond The News

Access our weekly publication, "Beyond the News," where we go beyond the headlines to provide analysis and commentary on the public fund investment industry's most relevant topics and developments.

Uncertain Times: Liquidity May Be More Valuable Now than Ever

By Marty Margolis on November 22, 2024

Investment managers often talk about the cost of excess liquidity. But liquidity may also have value. The value can be realized as ready cash to make up for unplanned shortfalls in revenue or acceleration in spending , or to take advantage of a rise in interest rates that increases earnings potential from re-investments. Liquidity management […]

Hole in the Bucket? State and Local Government Portfolio Growth Slows and May be Pressured by Rate Declines

By Marty Margolis on November 1, 2024

If you are managing (or overseeing) public funds these days, you might feel as if you are tending a bucket with a hole in it. With interest rates at their highest level in decades earnings are flowing into portfolios at a strong rate. But Federal Reserve data show asset growth recently has slowed. The reason? […]

PFII Files Comments with FDIC Urging Reform of Insurance for Public Agencies

By Marty Margolis on October 25, 2024

Earlier this week we filed formal comments with the Federal Deposit Insurance Corporation advocating for reform of the bank insurance program to raise limits on insurance and reduce the need for collateral to secure public deposits. The filing, in response to an FDIC Request for Information, is accessible here. Raising the limit for public units […]

Changing Local Government Investment Pool Managers: Replace the Manager or Create a New LGIP?

By Marty Margolis on October 10, 2024

This LGIP Just Changed Managers. LGIPs rarely change managers. Sure, when a manager is sold this is viewed as a change under Federal law and triggers client approval, but the sale is usually described as “new owner, same dedicated employees.” Advisory agreements are normally renewed when they expire, perhaps with the board undertaking some diligence […]

How Far/How Fast: The Path for Pool Yields is Lower

By Marty Margolis on September 16, 2024

The Federal Reserve is on the cusp of cutting rates. That much is crystal clear. When it does—most likely starting at its meeting September 18-–the yields on LGIPs and money funds will decline as well. How far and how fast will they fall? Here is a perspective on that question: LGIP and money fund yields […]

Why [Some] Investors Seem to Ignore The likelihood of Lower Rates Ahead

By Marty Margolis on September 4, 2024

The path ahead for interest rates seems clear: the Federal Reserve will soon begin to reduce its policy rate, bringing down short-term rates generally. This has been the outlook for a couple of months, with only the timing and magnitude of cuts in question. Meanwhile money market fund assets grew steadily this year and are […]

1 2 3 … 9 Next »

Dashboard →

Key metrics and trends in the public funds investment market.