Risk
U.S. House Passes Debt Ceiling Bill
Senate to consider bill on Thursday with June 5 Treasury Department deadline looming.
News
Research
Bernanke: 4.3% Jobless Rate Needed to Get Inflation Back to Pre-Pandemic Level
Former Fed chief puts a number on the level of employment-related pain needed to hit price-rise target.
Asset Allocation
Canada’s CPPIB Returns 1.3% in Fiscal 2023
Canadian pension giant outperforms benchmark by 120 basis points to raise asset value to C$570 billion.
Newsmakers
Franklin Templeton Is Buying Putnam Investments
Franklin Templeton announced its acquisition of Putnam Investments from Great-West Lifeco for $925 million.
Risk
Biden-McCarthy Agreement Would Extend Debt Ceiling to January 2025
In exchange for extending the debt ceiling, the Biden administration agreed to budget cuts and changes to the federal energy permitting process.
Research
Biotech Investment Could Be Approaching a ‘Golden Age’
J.P. Morgan strategist Jared Gross sketches out how small life sciences firms are now well-placed due to higher federal research funding and a more receptive FDA.
Pensions
NYC Teamsters Pension Sues Disney Over Streaming Service Losses
Lawsuit alleges hiding cost overruns at Disney+ was a ‘motivating factor’ behind the media giant’s 2020 reorganization.
Market Moves
Market With Narrow Breadth Likely to Slump, Stovall Says
Over the past three decades, reliance on a handful of big stocks (like we have now) does not end well, according to the CFRA strategist.
Newsmakers
Minority Alts Firm Preserver Partners Names New CIO
Caroline Lovelace succeeds the company’s founder, Floyd Tyler Jr., who passed away in January.
Pensions
PRT Sales Set New Q1 Mark at $6.3 Billion
Early data for Q2, including an $8.05 billion transfer by AT&T, keep buy-outs in 2023 far ahead of last year’s pace.
Pensions
Ohio STRS Board Approves 1% Cost-of-Living Adjustment
The teachers’ pension fund also delays increasing the minimum years of service to be eligible for retirement benefits.
Newsmakers
New Jersey Division of Investment Hires Head of Private Equity
Dana Johns takes the job after working as senior portfolio manager of private equity for Maryland’s state pension fund.
Risk
Union Warns Pension Funds to Be Wary of Private Equity-Backed PRT Insurers
UNITE HERE singles out Brookfield-owned American National Insurance Company as using risky strategies.
Research
AI Application ChatGPT Beats Stock Market, Study Says
Researchers found that investing using ChatGPT analysis produced a return of more than 400% during a time period that saw the market average decline.
Risk
When the Fed Stops Hiking, What Happens to the Stock Market?
Since 1980, the S&P 500 has tumbled an average of 21.4%, after rate increases, Comerica’s Lynch finds.