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Invest at Home: New Hampshire Bill Seeks to Rein in the state’s LGIP
By
Marty Margolis
on
January 30, 2024
Maybe it’s the current high level of interest rates that have disadvantaged banks; maybe it’s the growth of the New Hampshire local government investment pool, which more than doubled in size to $530 million in the year ending June 30, 2023. New Hampshire banks are pushing legislation that would rein in the New Hampshire Public […]
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Recent Market Moves, LGIP Legislation in Nebraska and More. . .
By
Marty Margolis
on
January 23, 2024
This week's Beyond the News has commentary on recent market moves, proposed local government investment pool legislation in Nebraska and a capital raise by Public Trust Advisors. Check out the updated Dashboard here. Recent Market Moves Have Had Almost No Effect on LGIP Yields The bond market has had a bumpy couple of months. Two […]
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2024 Investment Environment: Treasuries on Top
By
Marty Margolis
on
January 16, 2024
The year begins with a fresh look at the public funds investment universe. Since most public sector investment policies limit investments by maturity and quality we focus on the universe of high-quality investment grade securities with maturities of three years or less. Excluded are foreign-issued securities and corporate bonds rated less than A. The big […]
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And the Winner Is?
By
Marty Margolis
on
January 3, 2024
A Recap of 2023 Investment Results The PFII Dashboard has been updated. See it here. The sharp rise in rates over the year just ended resulted in strong returns for LGIPs and money funds. We estimate that the full year returns for LGIPS were in the range of 5.10% to 5.30%. (The lack of consistent […]
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Big Market Move Means Different Things for Different Folks
By
Marty Margolis
on
December 19, 2023
The big market news last week was a strong rally that pushed most interest rates down by 30-40 basis points. To see what it meant for public fund investors, check out the updated Dashboard. Here are highlights: ● The market rally, which pushed down interest rates of most tenors by about 30 basis points, […]
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Public Funds Investment Portfolios: Steady with Little Growth Expected
By
Marty Margolis
on
December 8, 2023
Public funds investment assets have barely expanded this year, despite robust interest earnings that flow to investment portfolios. This is according to newly released Federal Reserve data. The Fed reports that investment assets totaled $3.7 trillion at the end of the third quarter, up $100 billion from December 31, 2022. The growth rate of 2.9% for the nine-month period is less than the pace of economic growth (GDP was up 4.5%) and about even with the rate of inflation. This followed growth of investment assets of 40% between 2018 and the end of 2021.
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