FINANCIAL ADVISOR INSIGHTS: On Saturday, it's all eyes on Jackson Hole
What to look for at the Jackson Hole Symposium (Business Insider)
Friday marks day two of the Kansas City Fed's Jackson Hole Symposium, which has become a way for the Fed to communicate future policy. While Fed Chair Janet Yellen will not be part of the event, central bankers from around the world will be on hand. On Friday, at 12:25 p.m. ET, Swiss National Bank Chairman Thomas Jordan will participate in a panel discussing US inflation. The main event occurs on Saturday at 12:25 p.m. ET. That's when Bank of England head Mark Carney, European Central Bank vice president Vitor Constancio, US Fed vice chair Stanley Fischer, and Reserve Bank of India governor Raghuram Rajan discuss global inflation dynamics.
Pimco says September is no longer the base case for a Fed rate hike (Reuters)
Pimco Chief Investment Officer Dan Ivascyn says September isn't off the table, but it's no longer the firm's base case for a Fed rate hike. According to Reuters, Pimco was previously calling for a summer rate, and believed it might be the start of a multi-year normalization process. "While the process will likely be slow compared to past rate hike cycles, if the Fed manages to stabilize inflation at its target of 2 percent, then the central bank should get to the neutral policy rate of 2 percent 2.5 percent within a couple of years," Pimco said back in June.
Jeff Gundlach is still the bond king (Bloomberg)
Jeff Gundlach's DoubleLine Total Return Bond Fund booked a gain of 0.7% over the past month when nearly all of its peers lost money. According to Bloomberg, Rivelle's MetWest Total Return Fund edged up 0.1% while the rest of the space saw negative returns. Bill Gross' Janus Unconstrained Bond Fund lost 3.2%.
Charles Schwab went down (Business Insider)
Charles Schwab's online platform was briefly offline due to an "internal technical issue." The site made it back online at 9:28 a.m. ET, just in time for the market open. Rival TD Ameritrade experienced a similar issue on Monday.
The SEC needs to improve its waiver process (Financial Advisor)
Luis Aguilar, Democratic commissioner with the Securities and Exchange Commission, thinks it's commissioner waiver process needs to be revamped. According to Financial Advisor, "Waivers allow companies to perform functions (like selling stocks) they have been prohibited from by SEC enforcement action." Aguilar says waiver requests are often times granted or denied without commissioners knowing and that the process should be improved in two ways. He thinks a website should be established to track all of the waiver requests that were made and that staff should be required to give commissioners a list of all the requests that were approved or rejected.