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Treasuries Update: The October Sell-OffDoug Short • Mon, Oct 31, 2011
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Five-Year Yields Are Falling Every DayScott Sumner • Tue, Aug 2, 2011 -
July ETF Roundup: Key Launches, Filings and a Few ClosuresJared Cummans • Tue, Aug 2, 2011 -
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Treasuries Update: The October Sell-OffDoug Short • Mon, Oct 31, 2011
-
-
Five-Year Yields Are Falling Every DayScott Sumner • Tue, Aug 2, 2011
-
July ETF Roundup: Key Launches, Filings and a Few ClosuresJared Cummans • Tue, Aug 2, 2011
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DFVS vs. ETF Alternatives
DFVS Description
The iPath® US Treasury 5-year Bear Exchange Traded Note is linked inversely to the performance of the Barclays Capital 5Y US Treasury Futures Targeted Exposure Index™. The index seeks to produce returns that track movements in response to an increase or decrease, as applicable, in the yields available to investors purchasing 5-year U.S. Treasury notes. The level of the index is designed to increase in response to a decrease in 5-year Treasury note yields and to decrease in response to an increase in 5-year Treasury note yields. To accomplish this objective, the performance of the index tracks the returns of a notional investment in a weighted "long" position in relation to 5-year Treasury futures contracts, as traded on the Chicago Board of Trade.
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Country: United States
Key Info
- In Your Portfolio: Broad U.S. Bond ETFs, A Guide to U.S. Government Bond ETFs
- Asset Class Performance: Bonds
- All
- | Earnings
- | Dividends
- | M&A
- | On the move
- Tuesday, April 9, 3:41 PM Bill Gross says he has changed his mind on Treasury bonds maturing in 10-years or less thanks to Japan's epic monetary easing. The premise: yields that look meager to U.S. investors look rich to the Japanese. "They [Treasurys] yield 125 basis points more" than what investors are getting on a 10-year JGB. (Previously: JGB yields plummet) 10 Comments
- Friday, February 15, 10:00 AM "The benefits of our asset purchases may be diminishing ... they also may have some risks associated," says the Cleveland Fed's Sandra Pianalto (not a FOMC voter this year). She suggests the Fed could begin tapering asset purchases by year's end, but her prediction of 2.5% GDP growth doesn't seem to be enough to move the needle much on unemployment. Comment! [U.S. Economy, Breaking News]
- Thursday, January 3, 3:53 PM The unexpected hawkish vibe from the Fed has the once-exciting, now subdued Eurodollar market stirring, with the Dec 14 contract off 4 points and the Dec 15 contract off 7. Currently trading at 99.00, the Dec 15 contract is pricing in a Fed Funds rate roughly 75 basis points higher than it stands today. Comment! [U.S. Economy]
- Friday, December 14, 2012, 11:01 AM It's a big move for short-term Treasury yields, which drop 3 bps to 0.14% on the apparent ending of the TAG program. A crisis stop-gap, TAG eliminated the $250K cap on FDIC deposit insurance. No longer insured at the bank, those with serious funds are moving the cash into government paper. Will the smaller banks (KBWR, QABA) take a hit? Comment! [Financials, U.S. Economy]
- Friday, November 30, 2012, 11:05 AM If the Feds force money-market funds into floating NAVs, the funds' competitive advantage over short-duration ETFs (which already float) will be erased. Schwab's move into the arena earlier this week suggests it sees the writing on the wall. Others include: MINT, BIL, SHV, GSY. Comment!
- Monday, October 22, 2012, 4:48 PM BlackRock rolls out four new ETFs for its so-called core series featuring expense ratios under 0.2%. The MSCI EAFE ETF (IEFA) and the MSCI Emerging Markets ETF (IEMG) are notable because they seemingly compete with other iShares offerings - EFA and EEM. The other two are the MSCI Total International Stock ETF (IXUS) and the Core Short-Term U.S. Bond ETF (ISTB). Comment! [Financials]
- Friday, September 14, 2012, 11:13 AM Richard Barley has a kind word for bonds (currently in the midst of a savage sell-off), saying the global growth outlook continues to be dismal despite the Fed and ECB. Could the curve get steeper still? Sure, but the date of any increase in short rates keeps getting pushed further into the future, which should help anchor the long end. 7 Comments [U.S. Economy]
- Monday, August 13, 2012, 3:09 PM The national average rate paid on 5-year CDs slid to 0.99% this week, the first time ever below 1%. Inside the Eccles Building, a central banker is smiling, hoping savers pay heed to the signal and instead buy a house, put on an addition, take a vacation, or purchase common stocks. 8 Comments [U.S. Economy]
- Wednesday, August 1, 2012, 9:33 AM Preparing for the day when the U.S. joins the negative yield club, the Treasury begins building "operational capabilities to allow for negative rate bidding in T-bill auctions." 2 Comments [U.S. Economy]
- Friday, July 6, 2012, 9:31 AM A check of Fed Fund futures as far out as they trade on the CME shows the June 2015 contract at 99.485 compared to the near-month (July 2012) contract at 99.83. It means traders have priced in just 35 bps of Fed tightening over the next 3 years. Who said Japan's experience won't happen here? 4 Comments [U.S. Economy]
- Monday, June 25, 2012, 5:49 AM Bunds are losing some of their safe haven status, as investors wonder whether Germany can continue to bear the burden of backstopping the eurozone crisis. U.S. Treasurys are likely to benefit, as few other havens remain; Switzerland and Japan are trying to deter investors to keep their currencies from appreciating, while Denmark and its northern neighbors aren't large enough to be true havens. 2 Comments [Global & FX]
- Wednesday, June 20, 2012, 12:48 PM The 30-year Treasury yield falls 6 basis points to 2.72% following the Operation Twist extension. The 10-year declines 3 bps to1.63%. Yields on the short end (where the Fed will be selling paper as it buys the long end) rise a hair, the 2-year up nearly 2 bps to 0.30%. 1 Comment [U.S. Economy]
- Wednesday, June 13, 2012, 3:14 AM Pimco's Total Return Fund increased its exposure to U.S. Treasury-related securities to 35% in May from 31%, and raised its leverage on the $261B portfolio. 2 Comments
- Monday, June 4, 2012, 12:50 PM "Treasury bonds are essentially a speculative asset here," writes John Hussman, cutting the duration of his fund's bond holdings to less than a year. While the plunge in yields confirms his view of "a dire economic picture," 1.5% "leaves little on the table but speculative merit." 3 Comments [U.S. Economy]
- Tuesday, May 15, 2012, 11:02 AM "Treasurys are still cheap," says BMO's Scott Graham, but suggests we're near the point where central banks may begin to take action to stem jitters in financial markets. Such a move could send yields higher at the long end, but leave the short end untouched. He's buying 2-year paper and selling 10's - the steepener trade (STPP), which has had a rough 2012. Comment! [U.S. Economy]
- Tuesday, May 8, 2012, 5:03 PM In a presentation cleverly named "Deficits Don't Matter," Jeff Gundlach asks "How could you raise interest rates?" Unemployment would be 11% if the participation rate hadn't dove as it has, and it could take 8 years to gain back all the jobs lost in the recession. Another reason is the size of the government debt. When Bernanke says he's in no rush to hike, Gundlach absolutely believes him. 13 Comments [U.S. Economy]