Vanguard Total Bond Market ETF(BND)- NYSEARCA
  • Thu, Sep. 22, 12:59 PM
    • Bond funds have seen nearly $200B of inflows this year versus outflows of $60.5B for equity funds, but the sharp rise in rates post-Labor Day spooked some as the fixed-income funds experienced outflows for the first time in ten weeks.
    • Looking closer at the bond fund category finds money moving favoring shorter-term maturities rather than further out on the curve. Whether it's a trend or not remains to be seen as rates at the long end have reversed sharply lower this week.
    • At 1.61%, the 10-year Treasury yield has about returned to its level at the start of September.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, AGGE, AGGP, AGGY, DWFI, UBND
    | Thu, Sep. 22, 12:59 PM | 5 Comments
  • Wed, Sep. 14, 9:12 PM
    • The extra yield that investors demand to own 30-year Treasurys rather than five-year notes, a measure of the yield curve, increased for a ninth straight day today. That’s the longest streak since 2012.
    • Traders are favoring shorter maturities, anticipating the Fed will continue to keep interest rates in check, potentially stoking inflation and eroding the value of debt maturing decades in the future.
    • The last time the yield curve steepened this quickly was Aug. 2012. At the time, primary dealers were offloading billions in 30-year bonds to the Fed as part of its debt-buying program.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, AGGE, AGGP, AGGY, DWFI, UBND
    • via Bloomberg
    | Wed, Sep. 14, 9:12 PM | 16 Comments
  • Wed, Sep. 14, 8:21 AM
    • "This bond story is not dead by any means," says Western Asset Management's Robert Abad. American growth and inflation are likely to remain "muted," and thus a bet that U.S. interest rates will remain structurally low "is a good trade," he says.
    • "It is a natural disposition" of investors to take some profits, says Templteton's John Beck, reminding bonds put in a big rally prior to the current rout. "Where is the catalyst that is immediately going to change the interest rate path?"
    • Source: Bloomberg
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, AGGE, AGGP, AGGY, DWFI, UBND
    | Wed, Sep. 14, 8:21 AM | 1 Comment
  • Mon, Sep. 12, 8:31 AM
    • "Extrapolation of the last 35 years will be one of the most dangerous things that policy makers and investors can do going forward," write analysts Jim Reid, Nick Burns and Sukanto Chanda.
    • Included in the report is an amazing chart showing real returns by the decade in developed bond markets. Prior to the 1980s, decades of negative returns were well mixed in which those of positive returns across every economy. From 1980 to present, though, there's not one period of negative returns for even one developed-economy bond market. Not one.
    • The best case scenario as domestic financing markets start to struggle will be some form of capital controls. One might argue this is already occurring through new regulations all-but-forcing banks, insurers, and pension funds to buy domestic paper for reasons other than value.
    • Worst case is a "hard break" in which a major country defaults on its debt.
    • Neither scenario is likely to be favorable for the owners of long-dated fixed-income assets.
    • ETFs: AGG, BND, BOND, PTY, RCS, GIM, BNDX, DBL, BTZ, HTR, SCHZ, BWX, PCM, JHI, BHK, PLW, BNDS, IGOV, GOVT, JMM, TAI, INC, ICB, FTT, FBND, VBF
    | Mon, Sep. 12, 8:31 AM | 21 Comments
  • Thu, Sep. 8, 5:05 PM
    • Opining on the markets and the economy in his latest webcast, Jeff Gundlach says the Fed is becoming increasingly irritated with Bloomberg's World Interest Rate Probability (WIRP) function. The central bank, he thinks, wants to show its independence from traders by hiking rates even though WIRP is below 50%. Typically, it would take a WIRP reading of above 70% to see a Fed move.
    • Seemingly contradicting himself, Gundlach also says he's sensing a whiff of inflation in the air, and he's thus chilling towards bonds.
    • He's still bullish on gold and the companies that dig it out of the ground.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, AGGE, AGGP, AGGY, DWFI, UBND
    | Thu, Sep. 8, 5:05 PM | 8 Comments
  • Tue, Sep. 6, 8:31 AM
    • A collapse in bond prices is a "prime autumn risk," says BAML Chief Investment Strategist Michael Hartnett, marveling over the "insane" run-up in bond prices this summer.
    • Hartnett, who turned bearish on government paper just ahead of April 2013's "taper tantrum," says a pickup in U.S. inflation or global economic growth could be the catalyst that sparks "taper tantrum II."
    • JPMorgan's Oksana Aronov agrees: "You have a tiny amount of upside, and then this tremendous amount of downside ... We are in the field of assessing risks - that’s not a risk that should be attractive to any investor.” In the JPMorgan Strategic Income Opportunities Fund, where she works as a strategist, cash is up to 18% of assets, and sovereign debt down to less than 1%.
    • According to Hartnett and team, she's not along. Money managers have raised cash levels to a near-15-year high of 5.4%; with investment-grade bond fund managers' cash levels up to 12% - the most since 2009.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, UBND
    | Tue, Sep. 6, 8:31 AM | 4 Comments
  • Thu, Sep. 1, 9:38 AM
    • Vanguard Short-Term Bond ETF (NYSEARCA:BSV) - $0.1008. 30-Day Sec yield of 1.09%.
    • Vanguard Intermediate-Term Bond ETF (NYSEARCA:BIV) - $0.1811. 30-Day Sec yield of 1.97%.
    • Vanguard Long-Term Bond ETF (NYSEARCA:BLV) - $0.3007. 30-Day Sec yield of 3.22%.
    • Vanguard Total Bond Market ETF (NYSEARCA:BND) - $0.1659. 30-Day Sec yield of 1.88%.
    • Payable Sept. 8; for shareholders of record Sept. 6; ex-div Sept. 1. 30-Day Sec yield as of 8/31/2016.
    | Thu, Sep. 1, 9:38 AM
  • Mon, Aug. 1, 12:25 PM
    • Vanguard Short-Term Bond ETF (NYSEARCA:BSV) - $0.1009. 30-Day Sec yield of 1.04%.
    • Vanguard Intermediate-Term Bond ETF (NYSEARCA:BIV) - $0.1850. 30-Day Sec yield of 1.93%.
    • Vanguard Long-Term Bond ETF (NYSEARCA:BLV) - $0.3366. 30-Day Sec yield of 3.22%.
    • Vanguard Total Bond Market ETF (NYSEARCA:BND) - $0.1655. 30-Day Sec yield of 1.83%.
    • Payable Aug. 5; for shareholders of record Aug. 3; ex-div Aug. 1. 30-Day Sec yield as of 7/29/2016.
    | Mon, Aug. 1, 12:25 PM
  • Thu, Jul. 7, 1:35 PM
    • Continuing to benefit from the trend toward low-cost, index-tracking funds, Vanguard Group pulled in $148B in the first half of the year, topping last year's record H1 haul of $140B.
    • The fund giant sports four of the top 10 ETF inflow recipients so far this year, the S&P 500 Index Fund (NYSEARCA:VOO), the FTSE Developed Markets ETF (NYSEARCA:VEA), the REIT Index Fund (NYSEARCA:VNQ), and the Total Bond Market Index Fund (NYSEARCA:BND).
    • Eyeing with envy: BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM
    | Thu, Jul. 7, 1:35 PM | 23 Comments
  • Fri, Jul. 1, 11:54 AM
    • Vanguard Short-Term Bond ETF (NYSEARCA:BSV) - $0.0997. 30-Day Sec yield of 1.13%.
    • Vanguard Intermediate-Term Bond ETF (NYSEARCA:BIV) - $0.1766. 30-Day Sec yield of 2.08%.
    • Vanguard Long-Term Bond ETF (NYSEARCA:BLV) - $0.2820. 30-Day Sec yield of 3.41%.
    • Vanguard Total Bond Market ETF (NYSEARCA:BND) - $0.1644. 30-Day Sec yield of 1.99%.
    • Payable July 8; for shareholders of record July 6; ex-div July 1. 30-Day Sec yield as of 6/30/2016.
    | Fri, Jul. 1, 11:54 AM
  • Thu, Jun. 9, 3:00 PM
    | Thu, Jun. 9, 3:00 PM | 16 Comments
  • Wed, Jun. 1, 3:18 PM
    • First there was the "new normal," suggesting a generation of subdued economic growth, then there was the "new neutral," describing an era of lower than normal policy rates.
    • To describe what he sees as a phase of diminishing central bank effectiveness, Pimco's Richard Clarida uses the term "insecure stability."
    • "We believe there are diminishing returns to monetary-policy activism," he says. "The game is only going on because of massive quantitative easing, negative zero interest rates and emerging economies ... Our view is that investors cannot get a false sense of security by extrapolating past trends. So you see a world that now appears to be stable, but is not very secure.”
    • “There is the distinct possibility,” says Pimco, “that monetary policy exhaustion and an overhang of debt in some major economies pose material threats to the sustainability of the global recovery and financial stability.”
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, AGGE, AGGP, UBND
    | Wed, Jun. 1, 3:18 PM | 9 Comments
  • Wed, Jun. 1, 10:41 AM
    • Vanguard Short-Term Bond ETF (NYSEARCA:BSV) - $0.0975. 30-Day Sec yield of 1.19%.
    • Vanguard Intermediate-Term Bond ETF (NYSEARCA:BIV) - $0.1807. 30-Day Sec yield of 2.19%.
    • Vanguard Long-Term Bond ETF (NYSEARCA:BLV) - $0.2920. 30-Day Sec yield of 3.60%.
    • Vanguard Total Bond Market ETF (NYSEARCA:BND) - $0.1692. 30-Day Sec yield of 2.07%.
    • Payable June 7; for shareholders of record June 3; ex-div June 1. 30-Day Sec yield as of 05/31/2016.
    | Wed, Jun. 1, 10:41 AM
  • Thu, May 26, 9:40 AM
    • "The system itself is at risk," says Bill Gross, leaning against four decades of instinct by aiming to go short credit. At some point, he believes, central bankers are going to run out of tools with which to prop up asset prices.
    • Not buying stocks and not buying high-yield "comes at a price," he warns. That price is low returns. “I know that my investors want three, four, or five percent, or else they can keep it in the bank or stuff it in their mattress."
    • His Janus Unconstrained Bond Fund (MUTF:JUCAX) is up 2.6% YTD, outperforming 70% of peers.
    • Gross expects the Fed to hike in June and continue with gradual rate increases.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, UBND
    | Thu, May 26, 9:40 AM | 4 Comments
  • Mon, May 2, 12:25 PM
    • Vanguard Total Bond Market ETF (NYSEARCA:BND) announces monthly distribution of $0.1641.
    • 30-Day Sec yield of 2.08% (as of 04/29/2016).
    • Payable May 6; for shareholders of record May 4; ex-div May 2.
    | Mon, May 2, 12:25 PM
  • Fri, Apr. 1, 10:52 AM
    • Vanguard Total Bond Market ETF (NYSEARCA:BND) - monthly distribution of $0.1729. 30-Day Sec yield of 2.23%.
    • Vanguard Long-Term Bond ETF (NYSEARCA:BLV) - monthly distribution of $0.2976. 30-Day Sec yield of 3.77%.
    • Vanguard Intermediate-Term Bond ETF (NYSEARCA:BIV) - monthly distribution of $0.1854. 30-Day Sec yield of 2.37%.
    • Vanguard Short-Term Bond ETF (NYSEARCA:BSV) - monthly distribution of $0.0962.30-Day Sec yield of 1.32%.
    • Payable Apr. 7; for shareholders of record Apr. 5; ex-div Apr. 1.30-Day Sec yield as of 03/31/2016.
    | Fri, Apr. 1, 10:52 AM
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