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.

A New LGIP in Georgia; FSOC Action is Telltale of Important Changes in Financial Markets

By Marty Margolis on November 30, 2023

A new LGIP Portfolio to open in Georgia; Financial Stability Oversight Council Action is a telltale of big changes in the financial markets. Georgia Will Roll Out a Prime LGIP Portfolio The Georgia Treasurer is rolling out a new LGIP for local governments that will include credit-backed money market securities in its portfolio with the […]

Moody’s Makes it Three

By Marty Margolis on November 16, 2023

Late last week Moody’s Investors Service announced a change in the outlook on US government ratings to negative from stable. This signals that the triple-A rating of United States debt could be lost in coming months. There is nothing particularly newsworthy in this announcement except perhaps that it took so long for Moody’s to align […]

FHL Banks at 100--How the Opportunities for Public Funds Investors May Change

By Marty Margolis on November 9, 2023

The Federal Housing Finance Agency this week released its long-promised review of the FHL Banks which aims to sharpen the focus on supporting housing finance and community development and avoid becoming a lender of last resort for banks and other financial institutions.

Is It Time to Go Long?

By Marty Margolis on November 2, 2023

With all the talk of higher interest rates, unexpected strength in the US economy and an unsettled political situation here and globally, is now the time to go long? For the past two years cash-like investments (especially stable value LGIPs) have been the winners as rising interest rates produced losses in bond portfolios, but at some point the tide will change. For public funds investors, where “long” means two- or three-year maturities now may be that time.

Are LGIPs a Safe Harbor from Bond Market Volatility?

By Marty Margolis on October 26, 2023

With financial news headlines screaming Treasury market volatility and commentators warning that the sharp rise in interest rates could cause dangerous market dislocations, one might wonder about the stability of money funds and LGIPs.

Recent Moves by LGIP and Money Fund Managers Support View that Fed is Nearly Done Tightening

By Marty Margolis on October 12, 2023

Money market fund and local government investment pool managers have been re- positioning portfolios on the assumption that the Federal Reserve is near the end of its tightening cycle. The moves have taken place incrementally over the past several months as the “nearly done” mantra suffused the market.

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