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Fair Weather: Public Funds Investors Are Well-Positioned to Meet Investment Expectations
By
Marty Margolis
on
April 16, 2024
The accompanying chart of recent moves in yields speaks volumes about the current market environment and its implications for public funds investors. Since the year began short-term money market rates have been at or near their generation highs. And they have barely noticed the big moves in market sentiment. LGIP rates, as measured by the […]
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Banking Crisis + 1 Year: Should Federal Deposit Insurance Reform Be Part of the Response?
By
Marty Margolis
on
April 10, 2024
A year ago, after the wreckage of the bank failures led by Silicon Valley Bank had been cleared, reforming deposit insurance was offered as a way to reduce the risk of future bank runs More recently, the effort has been sidelined by the battle over proposed rules to raise bank capital requirements and liquidity. Down […]
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First Quarter Investment Returns: Cash Led the Way Again
By
Marty Margolis
on
April 2, 2024
• Local government investment pools and money funds once again produced market-leading returns in the 2024 first quarter. The beat by cash-type investments followed the strong showing for cash-type investments in 2023. • Returns of longer-duration portfolios were dragged down by a modest rise in interest rates. • The yield curve also worked against longer-duration […]
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Public Sector Investment Assets Grew Strongly Last Year, Providing a Budget Cushion for States and Localities
By
Marty Margolis
on
March 26, 2024
The details. Investment assets grew by 7.5% last year, propelled by strong state and local tax collections, budget surpluses and investment earnings at rates that finished the year at their highest levels in a generation. The growth came after two years, 2020 and 2021, where Covid relief funds swelled state and local budgets. In that […]
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LGIPs Shun New Money Fund Liquidity Rule: What it Means for the Industry
By
Marty Margolis
on
March 20, 2024
The big picture. A requirement that raises the liquidity threshold for money market funds under the Securities and Exchange Commission’s Rule 2a-7 is effective in early April. Local government investment pools are exempt from the rule and those that advertise they are “Rule 2a-7 like” have given no sign that they will follow this new […]
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More on Bank Capital Rules: The Fed Chair Speaks
By
Marty Margolis
on
March 12, 2024
If you were the CEO of one of the nation’s largest banks you might say that the most significant element of last week’s monetary policy report to Congress by Federal Reserve chair Jerome Powell was not about interest rates—“When will you cut them?”—or the state of the economy—“Are we in a recession or not?” Rather […]
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