XYLD News and Press, GLOBAL X FDS From 10/25/22

Summary JPMorgan's call overwriting/low volatility ETF (JEPI) has created substantial alpha since it started in 2020. Nonetheless, covered call ETFs have a chequered history. I do a statistical analysis of JEPI and a close underlying index to conclude it is a good investment. ...

Summary Over the last 120 years, valuations have consistently proved to be a strong predictor of future returns, with lost decades common. After the financial crisis in 2008, returns jumped by an average of four percentage points for various periods. Unless the Federal Reverse...

Summary We believe the sudden rise in the CPI is over and that inflation and interest rates will slowly return to lower levels by next summer (see the evidence). But stock prices will have started up long before. We think the price turn will begin sometime right after we officiall...

Summary The Consumer Confidence Index from The Conference Board fell in October following two consecutive monthly gains. The index for expectations for better business conditions rose 0.6 points to 19.2, while the index for expected worse conditions rose 1.4 points, leaving the ne...

Summary The Conference Board Consumer Confidence Index® decreased in October after back-to-back monthly gains. Consumer confidence retreated in October, after advancing in August and September. The regression through the index data shows the long-term trend and highlights...

Summary S&P 500 EPS growth for Q3 is set to come in at 1.5%, a slight increase from last week, but still at the lowest level since Q3 2020. The LERI improves to 85, doing an about-face and perhaps suggesting companies are not as uncertain in the short term. Peak earnings s...

Summary Interest rate policy is getting closer to a step-down. More Federal Reserve officials are focused on the risks of sharply rising rates. Inflation can fall rapidly next year due to the lagging effects of rate hikes, concurrent global tightening, and healing supply chain...

Summary The October S&P Global flash PMI surveys present a picture of the economy at increased risk of contracting in the fourth quarter at the same time that inflationary pressures remain stubbornly high. The service sector has seen a markedly worse performance than manufactu...

Summary The "Fed Whisperer" Nick Timiraos is hinting at a lower rate hike in December, perhaps 50 basis points instead of the prevailing 75. There are many reasons to slow the pace of monetary tightening including economic growth weakness and financial instability cropping up in g...

Summary On Friday, Treasury futures had a big reversal, closing up on the session after trading very weak in the overnight session, when you look at 10-year Treasuries. The 30-year bond had a very weak rebound and ended up down rather significantly on the day. This is a bit puzzli...