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The blistering IPO market is but one of the myriad late-cycle manifestations of Acute Monetary Disorder. November's record $121 billion ETF inflow - boosting the y-t-d flow tsunami to a record $659 billion. SPACs and frenetic retail call option buying (one can only imagine current hed...
The Wisconsin Department of Revenue has released its Economic Outlook, dated November 22nd. Notice the drop in employment in October's numbers. It's unclear whether this outcome is a product of measurement error or representative of an actual drop in activity (that observation point i...
With the US suffering another coronavirus wave, the odds remain low that inflation will accelerate sharply in the near term. The Treasury market is certainly pricing in a firmer run of inflation expectations lately. Some corners of the economy suggest that pricing pressure is boun...
The month of compromise has delivered two so far. OPEC+ agreed on output targets for next year while the EU27 gave their backing to the 2021-27 budget and recovery fund. That just leaves Brexit and US fiscal stimulus outstanding, with a positive outcome in both cases making this a rat...
It's that time of year when Wall Street analysts start trotting out the predictions for earnings growth and stock market targets for the coming year. Unfortunately, each year these overly optimistic estimates are ground down as the year progresses. Next year will be no different a...
The private sector balance increased by over $181 billion in November, thanks to federal government fiscal support and commercial bank credit creation. Credit creation from commercial banks was a robust $92 billion. Month over month, the level of fiscal support from the monetary c...
Sentiment right now is as bullish as it can be, indicating a correction in the foreseeable future. Valuation levels are also at extreme levels, indicating that investments may yield next to nothing over the next few years (or the next decade). Nevertheless, sentiment can drive the...
Today’s market selloff was an anomaly amid the bullish attitudes that have prevailed despite trouble in the real economy. The yield curve continued to steepen even on a day that saw equities selling off, which may suggest a breakdown in that correlation. People looking thro...
Below is a graph of 4 ways of measuring the downturn in the labor market due to the pandemic. Note that the two jobs measures from the two component surveys track similarly. They are currently down -5.7% and -6.5%, respectively, from their February peaks. If there is not a double-...
As COVID-19 vaccines start to roll out in the West, the prospect of economic recovery strengthens. Many risks continue to lurk, of course, but for the first time since the pandemic started, there are tangible signs of light at the end of the tunnel. The pandemic seems likely to ge...
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HARTFORD, Conn. , Nov. 18, 2019 /PRNewswire/ -- The reorganization of Virtus Total Return Fund Inc. (NYSE: ZF) with and into Virtus Global Dividend & Income Fund Inc. (NYSE: ZTR) has been completed. ZF ceased trading and dissolved as of the close of business on Friday, November ...
HARTFORD, Conn. , Nov. 4, 2019 /PRNewswire/ -- The Boards of Directors of Virtus Global Dividend & Income Fund Inc. (NYSE: ZTR), Virtus Total Return Fund Inc. (NYSE: ZF), and Duff & Phelps Select MLP and Midstream Energy Fund Inc. (NYSE: DSE), and the Board of Trus...
HARTFORD, Conn. , Oct. 2, 2019 /PRNewswire/ -- Virtus Total Return Fund Inc. (NYSE: ZF) previously announced the following quarterly distribution on September 25, 2019 : Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution...