SPDR Barclays 1-3 Month T-Bill ETF(BIL)- NYSEARCA
  • Mon, Jun. 27, 10:35 AM
    | Mon, Jun. 27, 10:35 AM | 27 Comments
  • Fri, Jun. 3, 8:49 AM
    | Fri, Jun. 3, 8:49 AM
  • Tue, May 24, 10:15 AM
    • Those angling for a hike in interest rates at the June FOMC meeting got a boost to their argument a few minutes ago, as new home sales in April soared way past expectations and to their highest level in eight years.
    • The 10-year Treasury yield is higher by three basis points to 1.864%. TLT -0.6%, TBT +1.2%
    • Short-term rate markets are pricing in about a 40% chance of a June move by the Fed, and a near-100% chance by summer's end. They've also begun pricing in odds of two rate hikes by the end of 2016.
    • ETFs: TBT, TLT, TMV, SHY, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, BIL, UBT, DLBS, TLO, VGSH, SHV, SCHO, LBND, VUSTX, DLBL, TYBS, SST, DTUS, TUZ, DTUL, RISE
    | Tue, May 24, 10:15 AM | 3 Comments
  • Thu, May 19, 3:11 PM
    • Like a decade ago, the Fed is in the process of hiking interest rates following an extended period of unprecedentedly low rates which had been put in place to combat plunging asset prices.
    • The 2006 rate hike cycle (which started a couple of years earlier) was meant to "normalize" rates and set in place a soft landing for the economy ... It didn't exactly work out that way.
    • As with then, writes Randall Forsyth, the PhDs at the Fed are ignoring the flattening yield curve. As pointed out by him and others numerous times ten years ago, the failure of long-term rates to follow short-term rates higher was a bright yellow warning sign. The Maestro explained it away as a "conundrum," and his successor Ben Bernanke pointed to a global savings glut as putting a damper on rates at the long end.
    • The Fed may indeed follow through on its words and hike in June, but don't be surprised if it's the last, says MFR's Josh Shapiro. "A weakening labor market and an overall market fraying around the edges will keep the Fed on hold for the balance of the year before further weakness leads to easing moves in 2017."
    • Previously: Recession warning: Yield curve flattest since Dec. 2007 (May 18)
    • ETFs: SHY, BIL, PLW, VGSH, SHV, STPP, GOVT, SCHO, FLAT, FTT, EGF, SST, DTUS, TUZ, DTUL, TAPR, USFR, TFLO, RISE
    | Thu, May 19, 3:11 PM | 2 Comments
  • Fri, May 6, 11:55 AM
    • Led by David Mericle, the team at Goldman had been looking for an April job gain of 240K, and a June rate hike. Following the print of just 160K, they push back their forecast of a Fed move to September.
    • Barclays now expects just one rate hike in 2016 - and that in September.
    • Taking a contrary stance is Neil Dutta from Renaissance Macro, who argues for looking at a wider range of numbers from the employment report - workweek length and average hourly earnings, along with job gains. On that score, the April survey was the strongest since January, he says.
    • ETFs: SHY, BIL, VGSH, SHV, SCHO, SST, DTUS, TUZ, DTUL, RISE
    | Fri, May 6, 11:55 AM | 2 Comments
  • Wed, Apr. 6, 4:15 PM
    | Wed, Apr. 6, 4:15 PM | 5 Comments
  • Fri, Apr. 1, 2:56 PM
    | Fri, Apr. 1, 2:56 PM | 1 Comment
  • Mon, Mar. 28, 4:59 PM
    • The story of the past ten days has been the decidedly hawkish bent of Fed speakers since the decidedly dovish FOMC policy decision on March 16.
    • It's got some talking about a rate hike as soon the next FOMC meeting (late April), but Jeff Gundlach tells Reuters such a move is "inconceivable," especially given the fast pace of decline in Q1 GDP forecasts.
    • Earlier today, the Atlanta Fed's GDPNow model spit out an estimate for Q1 GDP growth of just 0.6%, down from 1.4% a week earlier, and 1.9% a week before that.
    • Fed boss Janet Yellen addresses the Economic Club of New York tomorrow. Will the hawkish chatter continue?
    • ETFs: SHY, BIL, VGSH, SHV, SCHO, DTUS, SST, DTUL, TUZ
    | Mon, Mar. 28, 4:59 PM | 14 Comments
  • Tue, Mar. 22, 4:34 AM
    | Tue, Mar. 22, 4:34 AM | 4 Comments
  • Mon, Mar. 21, 1:10 PM
    • Just a few days after the FOMC slashed its forecast for the number of rate hikes this year, two Fed speakers today suggest the central bank could move as soon as its next meeting.
    • "There is sufficient momentum evidenced by the economic data to justify a further step ... as early as the meeting scheduled for the end of April," says Atlanta Fed boss Dennis Lockhart. “Short of some big shock that turns consumer psychology on its head, I see no reason why consumer spending growth should not continue."
    • Fed Fund futures have priced in a 7% chance of a boost in April, and a 38% chance of a June move.
    • Lockhart isn't a voter on the FOMC this year, but he's considered a middle-of-the-roader, so his hawkishness is of interest.
    • Earlier, San Francisco Fed President Williams said the economy is "looking great," and he expects April or June should work as potential dates for the next rate hike. He's also not a voting member of the FOMC this year.
    • ETFs: SHY, BIL, PLW, VGSH, SHV, STPP, SCHO, GOVT, FLAT, FTT, EGF, DTUS, SST, DTUL, TAPR, TUZ, USFR, TFLO
    | Mon, Mar. 21, 1:10 PM | 8 Comments
  • Wed, Mar. 16, 7:17 AM
    • Goldman is out with a note saying Janet Yellen will use today's press conference to narrow the gap between Fed and market expectations.
    • “Ahead of this week’s meeting, the market is again putting more weight on the Fed dots’ downward revision than on the Fed’s communication around the timing of the next hike and the pace of the tightening cycle. We disagree with this market view,” Goldman says.
    • “Preparing the market for another ‘hike it and like it’ might be a better option at the current juncture. Not only have data moved in the right direction, but financial conditions, a metric that has occupied an important place for many Fed speakers, have eased back to their level in December.”
    • Goldman expects the Fed will lower its median projected pathway for rate hikes this year down to three from four, but still well above the one hike currently expected by markets.
    • Goldman thinks the Fed will lift the fed funds rate target by 25 BP in June, but add that, “a hike in April is not inconceivable.”
    • ETFs: TBT, TLT, TIP, TMV, IEF, SHY, TBF, EDV, TMF, PST, TTT, ZROZ, VTIP, MBB, TLH, SBND, BKT, VGLT, IEI, SCHP, BIL, TYO, IPE, UBT, DLBS, DTYS, UST, TLO, LTPZ, PLW, VGSH, STPZ, RINF, VMBS, SHV, GNMA, TIPZ, STIP, VGIT, STPP
    | Wed, Mar. 16, 7:17 AM | 7 Comments
  • Tue, Mar. 15, 4:50 PM
    • Improving economic data suggest it's time for a tactical move into riskier assets, says BlackRock Chief Investment Strategist for Fixed Income Jeffrey Rosenberg.
    • He's moved his overweight position in one-to-three year government paper to neutral.
    • Short-term rate futures markets today are pricing in roughly one-and-a-half rate hikes this year vs. zero about a month ago.
    • ETFs: SHY, BIL, VGSH, SHV, STPP, SCHO, FLAT, DTUS, SST, DTUL, TUZ, USFR, TFLO
    | Tue, Mar. 15, 4:50 PM | 2 Comments
  • Wed, Mar. 9, 3:40 PM
    • The consensus view at the moment holds that policy divergence - in which most global central banks are easing while the Fed tightens - is unsustainable. Not so fast, says Goldman's Jan Hatzius. Even if the Fed hikes three times this year (which he expects), the wide gap between U.S. and overseas rates wouldn't be unusual on an historical basis.
    • A check of the scorecard finds the spread between U.S. and German two-year paper is the widest since 2006, and for the U.S. and Japan, the widest since 2008.
    • This just reflects the narrower-than-normal gap of the past few years, says Goldman. Go back further, and the divergence will be at about the post-1985 average even if the Fed boosts rates three times in 2016.
    • At the moment, short-term rate futures are pricing in only a 73% chance of even one Fed rate hike this year. Goldman not only expects three, but also sees the 10-year yield jumping all the way to 2.75% from the current 1.89%.
    • ETFs: IEF, SHY, PST, IEI, TYO, BIL, DTYS, UST, PLW, VGSH, SHV, VGIT, STPP, SCHO, GOVT, FLAT, TBX, SCHR, FTT, GSY, TYD, ITE, DTYL, EGF, DTUS, SST, DTUL, TAPR, TUZ, DFVL, TBZ, DFVS, USFR, TYNS, TFLO
    | Wed, Mar. 9, 3:40 PM
  • Tue, Feb. 23, 12:11 PM
    • Futures markets are showing less than a 50% chance of even one rate hike this year - that's down from 93% on Jan. 1. It's no surprise given the early rout in equities, troubles in China, and the continuing collapse in the energy patch.
    • But with stocks and energy showing signs of at least stabilizing, and inflation perking up, the central bank may not be as dovish as markets are pricing in, says BlackRock's Global Chief Investment Strategist Russ Koesterich.
    • "Will the central bankers wait out all of 2016," he asks in a new report. "Probably not."
    • An interesting counterpoint to Koesterich is from the Fed itself, where Dallas Fed boss Robert Kaplan today argues for an extended pause in the rate hike cycle.
    • ETFs: SHY, BIL, PLW, VGSH, SHV, STPP, SCHO, GOVT, FLAT, FTT, EGF, DTUS, SST, DTUL, TAPR, TUZ, USFR, TFLO
    | Tue, Feb. 23, 12:11 PM | 2 Comments
  • Tue, Feb. 23, 11:41 AM
    • Robert Kaplan continues to remind that there's a new, more-dovish sheriff in charge at the Dallas Fed.
    • Speaking to the FT, the Dallas Fed president says the central bank should be open to leaving policy on hold for an extended period, if necessary.
    • "I'd be concerned about the downside," he says, when asked about where the balance lay between positive and negative risks.
    • Alongside current issues, Kaplan also takes note of secular headwinds such as overcapacity, high debt levels, an aging population, and technological disruptions.
    • ETFs: SHY, BIL, PLW, VGSH, SHV, STPP, SCHO, GOVT, FLAT, FTT, EGF, DTUS, SST, DTUL, TAPR, TUZ, USFR, TFLO
    | Tue, Feb. 23, 11:41 AM | 7 Comments
  • Wed, Feb. 17, 10:19 AM
    | Wed, Feb. 17, 10:19 AM | 1 Comment
BIL Description
The SPDR® Barclays Capital 1-3 Month T-Bill ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Capital 1-3 Month U.S. Treasury Bill Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Country: United States
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