Recent Reads

Research Note: Commercial Paper Market Should be More Resilient After Money Fund Reforms

By Marty Margolis on December 3, 2024

Commercial paper is a core holding of many state and local government investment portfolios. It provides a yield boost to separately managed portfolios and prime-based local government investment pools. The commercial paper market is a bit finicky: If you are a buyer there is little flex: you generally receive the rate posted by issuers. If […]

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 […]

The Next Chapter: Three Post-Election Policy Moves that Should Command Your Attention

By Marty Margolis on November 14, 2024

With the election over, here is a quick flyover of three policy moves that could alter the playing field for state and local government investors: Crypto. Years of hype. rocketing (and volatile) returns on some crypto assets and pressure from the tech industry have brought crypto to the main stage, even if their utility in […]

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 […]

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Key metrics and trends in the public funds investment market.