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DEFL vs. ETF Alternatives
"The PowerShares DB US Inflation Exchange Traded Notes (Symbol:INFL)(the ""Inflation ETNs"") and PowerShares DB US Deflation Exchange Traded Notes (Symbol: DEFL) (the ""Deflation ETNs,"" together with the Inflation ETNs the ""ETNs"") are the first exchange-traded products to provide investors with direct exposure to US inflation or deflation expectations. The Inflation ETNs and Deflation ETNs are based on the DBIQ Duration-Adjusted Inflation Index (the ""long inflation index"") and the DBIQ Duration-Adjusted Deflation Index (the ""short inflation index"", together with the long inflation index, the ""inflation indexes""), respectively, which are intended to capture movements, whether up or down, in US inflation expectations or deflation expectations, as applicable. The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London Branch that are linked to the month-over-month returns, whether positive or negative, on the DBIQ Duration-Adjusted Inflation Index and the DBIQ Duration-Adjusted Deflation Index."
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Country: United States
Wednesday, Oct 172012, 9:12 AM
Thursday, Sep 202012, 1:23 PMInvestors grudgingly pay up for inflation protection, the Treasury selling $13B in 56-month TIPS at -0.75% - the 5th consecutive auction of negative yields. Bid-to-cover ratio of 2.35 vs. a recent average of 2.78; direct bidders took down 7.6% vs a recent 15.6%, indirect bidders 43.8% vs. a recent 39%. On-the-run TIPS take a bit of a tumble after the weakish results. TIP -0.2%. |Thursday, Sep 202012, 1:23 PM| Comment!
Friday, Sep 142012, 3:23 PMDeflation risk? As Treasurys plummet (TLT -2.4%), inflation-protected bonds (TIP +0.5%) move in the opposite direction. Michael Gayed tracks the ratio of TIP to the 7-10 year Treasury ETF (IEF) as a way to gauge inflation expectations, and it's spiked higher of late, suggesting far higher inflation fears. |Friday, Sep 142012, 3:23 PM| 12 Comments
Thursday, Aug 232012, 5:09 PMNoting the FOMC minutes said additional ease is coming fairly soon unless the economy sees "sustainable strengthening," Bill Gross says QE3 is a "done deal." He expects an open-ended program in which neither the size nor ending date of asset purchases is fixed. How to play it? Buy TIPs and buy mortgages (or buy the companies that buy mortgages). |Thursday, Aug 232012, 5:09 PM| 4 Comments
Tuesday, Jul 102012, 9:42 AMMerrill Lynch quietly tells its clients to prepare for a fundamental geopolitical shift in which western (mostly American) dominance crumbles with nothing ready to take its place. Ideas: Buy ETFs to guard against inflation and higher taxes set to be unleashed by desperate governments. Abandon the idea Treasurys are a special risk-free asset class, and look at the paper of places like Australia and Singapore. |Tuesday, Jul 102012, 9:42 AM| 7 Comments
Tuesday, Jun 52012, 5:12 PMInteresting stuff - the TIPS curve has inverted, the 1-year yield moving from -2.5% to zero in 4 months, meaning the market is now pricing in 0% inflation over the next year vs. 2.5% just weeks ago. Inflation expectations haven't collapsed like this since 2009. Might this chart be making the rounds with the Fed staff? |Tuesday, Jun 52012, 5:12 PM| 8 Comments
Tuesday, Apr 242012, 12:06 PMPimco next week will launch The Global Advantage Inflation-Linked Bond Strategy Fund - ticker ILB - which will have 70% of the portfolio in developed markets, and 30% in emerging. It will be "actively managed," i.e. designed to blend the trading ease of ETFs with the bond-picking ability of the manager. |Tuesday, Apr 242012, 12:06 PM| Comment!
Monday, Apr 162012, 10:51 AMChina continued to be Uncle Sam's largest foreign creditor in February, boosting its net purchases of long-term Treasurys by $14.3B to $1.18T. However, second-placed Japan is catching up, increasing its holdings by $13B to a record $1.1T. Still, the largest overall owner of Treasurys remains Uncle Ben's Fed with $1.665T. |Monday, Apr 162012, 10:51 AM| Comment!