Schwab U.S. Aggregate Bond ETF (SCHZ) - NYSEARCA
  • 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
  • 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
  • Thu, Mar. 31, 2:56 PM
    • Fixed-income ETF net inflows of $32.5B in Q1 were nearly triple the average of the prior 12 quarters according to Marketfield Asset Management. A notable beneficiary of the trend was the iShares Core. U.S. Aggregate Bond ETF (NYSEARCA:AGG) with about 10% of that $32.5B. This BlackRock (NYSE:BLK) stalwart has pulled in a "remarkable" 14% of all fixed-income ETF flows over the last three years and now has AUM of $34.8B.
    • The Vanguard Total Bond Market ETF (NYSEARCA:BND) is growing more slowly, but has the 2nd-fastest 3-year growth rate and AUM of $28.4B.
    • The cash, says Marketfield's Michael Shaoul, doesn't appear to be coming from other fixed-income ETFs, but instead continues a shift from actively-managed to passive funds. Shaoul also notes that flows weren't limited to those benchmark ETFs, but also included strong moves into Treasury, investment-grade, and high-yield ETFs.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, UBND
    | Thu, Mar. 31, 2:56 PM | 4 Comments
  • Wed, Mar. 23, 10:52 AM
    • Pimco expects global real GDP growth of 2-2.5% this year, down 25 basis points at both ends from its previous forecast. Actual GDP growth was 2.8% in 2014, and 2.6% last year, so the 2016 forecast sees the slowdown continuing.
    • With U.S. monetary policy to some extent being "made in China," the team sees just one or two rate hikes from the Fed this year.
    • The good news: The risk of recession remains low - at most 20%. The expansion is an old one, but expansions don't die of old age, reminds Pimco. It takes serious economic imbalances and significant central bank tightening.
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, BNDS, JMM, ICB, VBF, FBND, PAI, SAGG, IUSB, GBF, VBND, UBND
    | Wed, Mar. 23, 10:52 AM | 1 Comment
  • Thu, Mar. 17, 12:19 PM
    • So says Dan Fuss, vice chairman of Loomis Sayles. “A few are already known but there are some that were wiped out and just wound down.”
    • Those funds who pressed shorts into February got fried by the fast turnaround in the junk bond market (now nicely in the green for the year), says Fuss.
    • The pain suffered by hedge funds is a "side effect" of declining market liquidity, says Fuss. “Volatility will stay high any time you have a major change like this.”
    • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, PCM, SCHZ, JHI, BHK, TAI, BNDS, JMM, ICB, VBF, FBND, PAI, SAGG, IUSB, GBF, VBND, UBND
    | Thu, Mar. 17, 12:19 PM
  • Mon, Mar. 14, 8:56 AM
    • Take advantage of the past few weeks' big rally to lighten up, suggests Morgan Stanley, cutting its year-end forecast for the S&P 50 to 2,050 from 2,175 (and against Friday's close of 2,022).
    • "The probability of a global recession has risen," says the team, now seeing U.S. GDP growth of just 1.7% this year, down from 1.9% previously. Outlooks for Europe and emerging economies were also cut.
    • They put the probability of global recession at 30% - the highest for this cycle.
    • Alongside this dour forecast, is, naturally, a positive one for bonds. They see the 10-year Treasury yield challenging its all-time ow of 1.38% by the end of Q3. It closed at nearly 2% on Friday.
    • ETFs: AGG, BND, BOND, PTY, CRF, RCS, VV, USA, SCHX, DBL, BTZ, HTR, PCM, SCHZ, ZF, JHI, BHK, FEX, JKD, TAI, EEH, BNDS, JMM, EQL, ICB, VBF, FBND, PAI, IWL, SAGG, IUSB, GBF, FWDD, ZLRG, SYE, VBND, SBUS, UBND, USWD, GSLC, USSD
    | Mon, Mar. 14, 8:56 AM | 4 Comments
  • 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
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
ETF Hub
Find the right ETFs for your portfolio: Visit Seeking Alpha's ETF Hub