Schwab U.S. Aggregate Bond ETF
 (SCHZ)

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  • Wed, Feb. 3, 8:39 AM
    • In a sour mood to start the year, the events of January has Bill Gross (NYSE:JNS) taking a victory lap of sorts in his February market outlook.
    • "[Central banks] all seem to believe that there is an interest rate SO LOW that resultant financial market wealth will ultimately spill over into the real economy. I have long argued against that logic and won't reiterate the negative aspects of low yields and financial repression ... What I will commonsensically ask is 'How successful have they been so far?'"
    • "What I do know is that our finance-based global economy is transitioning due to the impotence of monetary policy which has always, and is now increasingly focused on the elixir of low/negative interest rates."
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, JMM, BNDS, ICB, VBF, FBND, PAI, SAGG, GBF, IUSB, VBND, UBND
    | Wed, Feb. 3, 8:39 AM | 7 Comments
  • Dec. 26, 2015, 4:03 PM
    • Deutsche Bank, which has the second-largest share of the interest-rate trading business in the U.S. behind Goldman Sachs, predicts the Fed will catch bond traders wrongfooted by raising rates in March.
    • That may prompt a market “tantrum,” triggering  a sharp selloff in Treasuries.
    • Early Fed signals indicate policymakers will make four 0.25 percentage point increases in 2016. But futures prices show traders don’t buy into the Fed’s timeline; the market continues to expect two increases in 2016.
    • The last time the Fed sparked a Treasury-market tantrum (2013), it wiped out about $1.5T of bond-market value globally.
    • Source: Bloomberg
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, JMM, BNDS, ICB, VBF, FBND, PAI, SAGG, GBF, IUSB, VBND, UBND
    | Dec. 26, 2015, 4:03 PM | 12 Comments
  • Dec. 18, 2015, 8:27 AM
    | Dec. 18, 2015, 8:27 AM | 18 Comments
  • Dec. 8, 2015, 5:45 PM
    • The Fed wants to raise rates next week and has plenty of "selectively back-tested evidence" to justify the move, says Jeff Gundlach in a presentation titled "Tick, tick, tick."
    • While equity markets here in the states look okay, there are plenty of other markets falling apart, says Gundlach, calling it "unthinkable" to raise rates with junk bonds and leveraged loans struggling so much.
    • As for other economic indicators, the ISM is a "disaster," and the Atlanta Fed's GDPNow forecast is headed south.
    • The Fed could end up looking like Sweden's Riksbank (or the ECB for that matter), which hiked back in 2010 and 2011 only to have to quickly reverse and quickly slash rates.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, LAG, JMM, ICB, VBF, FBND, PAI, SAGG, GBF, IUSB, VBND, UBND
    | Dec. 8, 2015, 5:45 PM | 24 Comments
  • Sep. 15, 2015, 12:31 PM
    • Bond ETF inflows surged to $9.8B (2.8% of assets) in the two weeks ended last Friday, according to TrimTabs -the largest two-week haul since February.
    • Since the start of Q3, inflows into bond ETFs have averaged $400M daily for a total of $19.9B. Treasury ETFs have been notably popular, raking in $7.4B, or 11.2% of assets since mid-August. Corporate bond ETFs pulled in $5B, or 2.1% of assets in the last two weeks.
    • It's not about performance - total returns are negative since the start of August - says TimTabs CEO David Santschi, but instead about investors' perception that the Fed won't be hiking rates this week (a series of plunges in global equities probably didn't hurt either).
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, LAG, JMM, ICB, VBF, FBND, PAI, SAGG, GBF, IUSB, VBND
    | Sep. 15, 2015, 12:31 PM | 5 Comments
  • Sep. 2, 2015, 8:07 AM
    • "The global economy's finance-based spine is so out of whack that it is in need of a major readjustment," writes Bill Gross in his September Investment Outlook. "In this case, even the best of chiropractors could not even attempt it. Nor would a one-off fed fund increase straighten it out."
    • He's still of the belief that the Fed should go ahead and boost rates in September, but the accompanying language needs to be very carefully crafted to maybe even suggest a "one-and-done," for at least for the next six months.
    • "The Fed is beginning to recognize that 6 years of zero bound interest rates have negative influences on the real economy – it destroys historical business models essential to capitalism such as pension funds, insurance companies, and the willingness to save money itself. If savings wither then so too does its Siamese Twin – investment – and with it, long term productivity – the decline of which we have seen not just in the U.S. but worldwide."
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, LAG, JMM, ICB, VBF, FBND, PAI, SAGG, GBF, IUSB, VBND
    | Sep. 2, 2015, 8:07 AM | 8 Comments
  • Jun. 29, 2015, 3:15 PM
    | Jun. 29, 2015, 3:15 PM | 5 Comments
  • Jun. 19, 2015, 10:00 AM
    | Jun. 19, 2015, 10:00 AM | 19 Comments
  • Jun. 8, 2015, 11:14 AM
    • That's pretty impressive considering the last three decades includes big dives in bond prices amid tightening cycles in 1987, 1994, 1999, and 2004, not to mention 2013's taper tantrum.
    • Of course, the Fed has yet to do anything but talk this time around, so what makes this cycle different, says JPMorgan, is it's the first of these bear markets to be driven by non-U.S. events - notably the crash (from highly inflated levels) of European bond markets, particularly Germany.
    • Chart via econgirl
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, PLW, TAI, LAG, JMM, GOVT, ICB, FTT, VBF, ARMF, FBND, PAI, EGF, SAGG, GBF, IUSB, TAPR, VBND
    | Jun. 8, 2015, 11:14 AM | 11 Comments
  • Jun. 5, 2015, 12:38 PM
    • "More myth than reality," BlackRock (BLK -0.9%) chief Larry Fink tells Barron's of the idea that fixed income ETFs have more potential than mutual funds to pose systemic risk to the markets.
    • If anything, he says, ETFs - - by matching buyers and sellers throughout the trading day - can serve as temporary buffers against selling pressure in ways mutual funds cannot. Most ETF trades take place between buyers and sellers of the ETFs themselves, as opposed to mutual funds which must sell assets as investors ask for their money back.
    • An Investment Company Institute study estimated 19% of bond ETFs trades triggered buying or selling in individual bonds between Jan. 2013 and June 2014.
    • Fink also notes the rise in ETF usage by institutions like pension funds and insurance companies, and how these investors rarely do short-term trades.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, JMM, LAG, ICB, VBF, ARMF, FBND, PAI, SAGG, GBF, IUSB, VBND
    | Jun. 5, 2015, 12:38 PM | 2 Comments
  • Jun. 4, 2015, 8:52 AM
    | Jun. 4, 2015, 8:52 AM
  • May 4, 2015, 3:40 PM
    • Despite the rally in Treasurys this year, the 10-year yield was unable to take out its June 2012 low, leaving Jeff Gundlach (DBLTX, DSL) - presenting at Ira Sohn - wondering if we haven't already seen the bottom in rates.
    • What to buy if rates turn higher? Not high-yield, says Gundlach, pointing to research showing a strategy of selling high-yield and buying Treasurys after the Fed begins hiking rates has been a winning one.
    • What Gundlach is buying is Puerto Rican municipal debt - "they've priced in a lot of problems." 20-year paper is going for $0.78 on the dollar - a tax-free yield of 11%.
    • ETFs: AGG, HYG, JNK, BND, BOND, HYLD, SJB, SCHZ, PLW, ANGL, LAG, GOVT, HYLS, UJB, XOVR, FBND, SAGG, QLTC, GBF, IUSB, TAPR, VBND
    | May 4, 2015, 3:40 PM | 18 Comments
  • May 4, 2015, 11:00 AM
    • Contemplating his own demise having turned 70, Bill Gross (MUTF:JUCAX), suggests asset prices could be well past that age in "market years." If so, where is one to turn for returns? "An unconstrained portfolio and an unconstrained mindset comes in handy."
    • "The successful portfolio manager for the next 35 years will be one that refocuses on the possibility of periodic negative annual returns and miniscule Sharpe ratios and who employs defensive choices that can be mildly levered to exceed cash returns," says Gross, pointing to his recent idea of shorting German Bunds. Yielding around 0%, there's no cost of carry, and a return to 1% or 2% yields is surely inevitable (or not). Modestly levered, it's a 15-20% capital return ... timing uncertain.
    • ETFs: AGG, BND, BOND, SCHZ, LAG, DI, FBND, RIGS, SAGG, GBF, IUSB, LDUR, FWDB, VBND
    | May 4, 2015, 11:00 AM | 1 Comment
  • Apr. 27, 2015, 12:29 PM
    • "Funny how bonds were labeled 'certificates of confiscation' in the early 80s (the long bond yielded in the teens then)," tweets Bill Gross. "What should we call them now when many interest rates are negative," he adds.
    • Gross caused a bit of stir last week when he called German 10-year Bunds - then yielding about 10 basis points - the short of a lifetime, even better than the pound in 1993.
    • Previously: EU debt levels surge to records (April 21)
    • ETFs: AGG, BND, BOND, SCHZ, LAG, DI, FBND, RIGS, SAGG, GBF, IUSB, LDUR, FWDB, VBND
    | Apr. 27, 2015, 12:29 PM | 3 Comments
  • Apr. 16, 2015, 9:40 AM
    • The Big Short was Michael Lewis' classic about how some made billions shorting subprime mortgage-backed securities ahead of the financial collapse. Now hedge funder Paul Singer says he's found a bigger short in plain old bonds.
    • Speaking at the Grant's Spring Conference, Singer wonders "why bondholders persist in trusting that the central banks will be capable of creating just enough inflation and not a farthing more."
    • Further, why do bondholders believe - as the former Fed chair, now citizen blogger (and now with Ken Griffin's Citadel) has said - that central bankers can cure an inflation overshoot in "ten minutes."
    • Inflation, says Singer, is already perky if you hang around the same circles he does. "The roaring markets for financial assets, high-end real estate and art, and other things that investors and the rich own or use, should be seen for what it is: a modern and peculiar form of inflation which is sectorial and emerges from a modern and peculiar policy mix. And this is the coming attraction for a more generalized inflation of the future.."
    • ETFs: AGG, BND, BOND, BNDX, BWX, SCHZ, PLW, LAG, IGOV, GOVT, DI, FBND, RIGS, SAGG, GBF, IUSB, LDUR, TAPR, FWDB, VBND
    | Apr. 16, 2015, 9:40 AM | 2 Comments
  • Mar. 19, 2015, 2:23 PM
    | Mar. 19, 2015, 2:23 PM | 9 Comments
SCHZ Description
The ETF seeks investment results that track, as closely as possible, before fees and expenses, the total return of the Barclays Capital U.S. Aggregate Bond IndexSM.
See more details on sponsor's website
Country: United States
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