iShares Core U.S. Aggregate Bond ETF (ARCA: AGG)

Dernières nouvelles pour iShares Core U.S. Aggregate Bond ETF (ARCA:AGG)

iShares Core U.S. Aggregate Bond ETF

The Fund seeks to track the investment results of the Bloomberg U.S. Aggregate Bond Index (the Underlying Index), which measures the performance of the total U.S. investment-grade (as determined by Bloomberg Index Services Limited (the Index Provider or Bloomberg)) bond market. As of February 29, 2024, there were 13,534 issues in the Underlying Index.

Blackrock Cash Funds: Institutional, Sl Agency Shares

iShares Core US Aggregate Bond ETF

Astoria Dynamic Core US Fixed Income ETF

Toubani Resources Inc

Antilia Group Corp

Simplify Aggregate Bond ETF

AGRIOS GLOBAL HLDGS LTD by Agrios Global Holdings Ltd.

Agrios Global Holdings Ltd

Allied Energy Inc

AEGEAN AIRLS SA UNSP/ADR by Aegean Airls SA

Aegean Airlines SA

Harbor ETF Trust Harbor Disciplined Bond ETF

WisdomTree Yield Enhanced U.S. Aggregate Bond Fund

AG GROWTH INTL INC by AG Growth International Inc.

Ag Growth International Inc

President Donald Trump's tariffs against America's trading partners and the subsequent retaliatory measures from China and Europe resulted in major losses for investors across the globe, with no end to volatility in sight. Trade tensions may ease amid expected deals between key countries, but prudent investors are rethinking their long-term strategies.
Dividend stocks have gained significance in this period of market turbulence because of their strong history. A March <a href="https://www.spglobal.com/spdji/en/documents/research/research-sp500-dividend-aristocrats.pdf">report</a> from S&amp;P Global showed that dividends have accounted for about 31% of the total S&amp;P 500 returns since 1926.
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A few weeks ago, a dividend investor<a href="https://www.reddit.com/r/dividends/comments/1jic07f/retired_in_2021/"> shared</a> his income report and portfolio details on r/Dividends — a Reddit community with over 700,000 followers. The portfolio screenshots shared by the investor showed he was making about $9,250 per month, or $111,100 annually, in dividends. His total portfolio yield was about 2.3%.&nbsp;
"Dividends and interest cover 60% of expenses. Decent growth without huge volatility," he said.
The investor, 58, said he was a software engineer in Silicon Valley and retired in 2021. He said his goal is to cover his expenses of $15,000 per month with dividends by 2030.&nbsp;
"YOLO'd tech stocks in my IRA," the investor said, referring to the social media slang for taking a bold, high-risk approach.
Trending: Hasbro, MGM, and Skechers trust this AI marketing firm — <a href="https://www.benzinga.com/money/rad-intel">invest pre-IPO from $0.55 per share now</a>.
Let's take a look at some of the key holdings in the investor's portfolio.
iShares Short Treasury Bond ETF&nbsp;
The iShares Short Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHV#NASDAQ">SHV</a>) gives investors exposure to US Treasury bonds with remaining maturities of one year or less. SHV is suitable for investors looking for low-risk funds to preserve capital and earn income.&nbsp; The investor said SHV accounted for about 5% of his total portfolio.
iShares Core U.S. Aggregate Bond ETF
iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) was another key bond ETF in the investor's portfolio.&nbsp; The fund tracks an index composed of investment-grade US bonds.
See Also: BlackRock is calling 2025 the year of alternative assets. <a href="https://www.benzinga.com/money/masterworks">One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates.</a>
&nbsp;Schwab U.S. Dividend Equity ETF
The investor earning about $9,000 in monthly dividends had Schwab U.S. Dividend Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHD#NYSE">SCHD</a>) in his portfolio. Schwab U.S. Dividend Equity ETF tracks the Dow Jones U.S. Dividend 100 Index and provides exposure to some of the top dividend stocks trading in the U.S., including Verizon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), Coca-Cola (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), PepsiCo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>).&nbsp;
iShares Core S&amp;P 500 ETF
The investor making $9,000 a month in dividends said about 60% of his portfolio was allocated to the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>). The fund tracks the S&amp;P 500 Index and yields about 1.2%. It provides investors exposure to some of the biggest companies in the world, including Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>, GOOGL)), among others.
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Software Engineer Making $9,000 a Month in Dividends Shares Portfolio, Says He 'YOLO'd Tech Stocks in IRA'

When stock market volatility erupts — as it has during global trade tensions, changing Fed policy, and fresh inflationary pressures — the bond market is meant to act as a financial lifeboat. And <a href="https://www.benzinga.com/markets/bonds">recently, it ha</a>s. 
The biggest <a href="https://www.benzinga.com/etfs">Treasury bond ETFs</a>, such as the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), retained their footing and moved higher, reminding investors why bonds remain a cornerstone of portfolio stability.
Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44772011/gold-miners-go-parabolic-gdx-hits-2012-highs-newmont-soars-9">Gold Miners Go Parabolic: GDX Hits 2012 Highs, Newmont Soars 9%</a>
But it&#8217;s not only old-school buy-and-hold passive strategies that are in favor. Investors increasingly gravitate toward actively managed bond ETFs, wagering that clever managers can ride the rate rollercoaster more effectively than a fixed index.
While active stock pickers again struggled, active bond managers quietly won, writes a <a href="https://www.spglobal.com/spdji/en/documents/spiva/spiva-us-year-end-2024.pdf">report </a>by S&amp;P Global&#8217;s SPIVA Scorecard. It discovered that most active bond funds beat their indexed counterparts in 11 of 16 fixed-income categories last year — a striking reversal of the long-standing narrative that active management doesn&#8217;t pay.
<h2 class="wp-block-heading">Treasury ETFs Take Center Stage</h2>
During the latest round of market upheaval, Treasury bond ETFs attracted billions of dollars in flows as investors flocked to find shelter from the tempest. According to Morningstar:
<ul>
<li>The Bronze-rated iShares 7-10 Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IEF#NASDAQ">IEF</a>) attracted $2.6 billion between April 3 and April 7</li>
<li>The shorter-duration SPDR Portfolio Intermediate Term Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPTI#NYSE">SPTI</a>) attracted $1.6 billion. </li>
</ul>
Investors preferred low credit-risk vehicles but were still on the fence about the amount of interest rate risk they were willing to endure.
The Vanguard Total Bond Market ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>) and the iShares Core US Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) were also in hot demand. Unlike past bear markets, however, these passive giants were matched by flows into actively managed &#8220;enhanced core&#8221; bond funds — strategies that try to beat the likes of AGG, <a href="https://www.cnbc.com/2025/04/07/bonds-are-back-in-market-crash-what-investors-are-buying-changed.html">according </a>to CNBC. Active enhanced core funds attracted five times more money than their passive counterparts in the core bond space this year, ETFaction says.
Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44767888/how-intels-ceo-pick-could-jolt-chip-stocks-and-etfs">How Intel&#8217;s CEO Pick Could Jolt Chip Stocks And ETFs</a>
<h2 class="wp-block-heading">The Emergence Of Ultrashort ETFs</h2>
Ultrashort bond ETFs were also front and center, serving as cash substitutes during the mayhem. 
According to Morningstar, the SPDR Bloomberg 1-3 Month T-Bill ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIL#NYSE">BIL</a>) received $3.5 billion in inflows from April 3 to 7. The iShares 0-3 Month Treasury Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGOV#NYSE">SGOV</a>) took in another $1.1 billion. 
With modest yields and little risk, these funds are now the parking lots of choice for investors who want to hold capital without locking it up for a longer duration.
Still, not all parts of the ultrashort segment thrived. Riskier plays like the Janus Henderson AAA CLO ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JAAA#NYSE">JAAA</a>) — which had tripled in size in just 12 months — saw a reversal of fortune, bleeding over $1 billion recently as investors moved away from higher credit risk, per Morningstar report.
<h2 class="wp-block-heading">What&#8217;s Next?</h2>
The Federal Reserve continues to fight inflation, while policy confusion hurts the economic outlook. Yet, bond market forces are in transition. Rather than simply going into hiding — they&#8217;re getting more subtle in their approach. Passive ETFs remain in the picture, but the increasing demand for actively managed Treasury and core bond funds represents a new fixed-income era.
As Treasury ETFs provide a sound hedge and active bond managers are justifying their role, the new bond market playbook may not be so passive after all.
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Bonds

Specialty ETFs

Treasuries

ETFs

iShares Trust Barclays 7-10 Year Treasury Bond Fund

JAAA

SGOV

SPTI

iShares Trust Barclays 20+ Year Treasury Bond Fund

From Boring To Booming: How Treasury ETFs Are Beating The Bear

Stock and ETF investors, take note. <a href="https://www.benzinga.com/topic/peter-schiff">Peter Schiff </a>sees trouble ahead and he's not mincing words. The renowned investor warns that the government and financial media are &#8220;making the same mistake again&#8221; as they did before the 2008 Global Financial Crisis, Schiff wrote <a href="https://x.com/PeterSchiff/status/1906690596640600283">on</a> X.
The culprit this time? A toxic mix of tariffs, rising interest rates and misguided Federal Reserve policies that could unleash an economic firestorm.
<h2 class="wp-block-heading">Tariffs: A Recipe For Inflation, Rate Hikes</h2>
Schiff argues that tariffs won't just impact trade &#8211; they'll send shockwaves through the economy. &#8220;Tariffs mean fewer goods will come into the country, and fewer dollars will go out. More money chasing fewer goods means higher domestic prices. This is an economic certainty,&#8221; he said.
For investors, that translates to higher inflation, a weaker consumer and pressure on corporate margins.
But it doesn't stop there. &#8220;Lower trade deficits will result in fewer dollars being recycled into U.S. bonds, sending long-term interest rates higher.&#8221; With higher rates, borrowing costs rise for businesses and consumers alike, slowing growth and putting pressure on stocks—especially high-flying tech names.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44309742/recession-watch-small-caps-sound-the-alarm-but-credit-markets-shrug">Recession Watch: Small Caps Sound The Alarm, But Credit Markets Shrug</a>
<h2 class="wp-block-heading">Fed To The Rescue? Not So Fast</h2>
Schiff sees the Federal Reserve making the wrong move when the economy starts showing signs of strain. &#8220;The Fed will respond to this &#8216;unexpected&#8217; economic weakness with rate cuts, ignoring the surge in consumer prices as a transitory effect of tariffs.&#8221; 
Translation? Inflation won't just persist &#8211; it could spiral. And if the Fed resorts to quantitative easing (QE) again, Schiff warns, &#8220;throwing gasoline on an already burning inflation fire&#8221; could create a crisis far worse than 1970s-style stagflation.
<h2 class="wp-block-heading">What It Means For Investors</h2>
If Schiff's prediction plays out, stock investors should brace for turbulence. High-growth and rate-sensitive sectors like technology, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), could face pressure. On the other hand, inflation-resistant assets &#8211; such as:
Commodities, as tracked by the Invesco DB Commodity Index Tracking Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBC#NYSE">DBC</a>); Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), and select energy stocks &#8211; may become safe havens.
Bond investors and those invested in popular Treasury tracking ETFs such as iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), the Vanguard Total Bond Market ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>) and the iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) beware: rising long-term rates could send Treasury prices tumbling.
Meanwhile, a &#8220;weaker dollar and larger budget deficits&#8221; could mean international ETFs and hard assets outperform U.S. equities.
<h2 class="wp-block-heading">Is This The Next 2008?</h2>
Schiff isn't predicting a simple market correction &#8211; he's warning of something much worse. &#8220;This will not be 1970s-style stagflation. It will be something much worse.&#8221; 
If history is about to repeat itself, as he suggests, investors who ignore the warning signs could be caught in the fire. The question is: Are you ready?
Read Next: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44456554/trade-wars-fed-moves-and-a-40-recession-risk-is-your-portfolio-ready">Trade Wars, Fed Moves And A 40% Recession Risk &#8211; Is Your Portfolio Ready?</a></li>
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PowerShares DBmmodity Index Optimum Yield Diversified Fund

Peter Schiff Sounds The Alarm: 'Same Mistake Again' Could Trigger Economic Firestorm

The explosive <a href="https://www.benzinga.com/etfs">growth of ETFs</a> is reshaping the financial landscape, with assets under management now nearing the $15 trillion mark. 
In a recent analysis, JPMorgan strategist Nikolaos Panigirtzoglou delves into the implications of this seismic shift, spotlighting how ETFs are redefining investor behavior, liquidity patterns, and even market risks. Here are his top 10 takeaways that every investor should know.
1. Retail Sentiment Is Driving Volatility Panigirtzoglou notes that the growing dominance of ETFs has made retail investors more influential in driving market sentiment. Unlike institutional investors, retail traders tend to have shorter time horizons, leading to sudden, amplified shifts in market trends when sentiment swings.
2. Longer Rallies, Sharper Corrections The analyst highlights how ETFs encourage momentum-driven markets, fueling prolonged rallies during bullish periods. However, during market reversals, the absence of active management safeguards can result in sharper corrections and increased volatility.
Read Also: <a href="https://www.benzinga.com/24/11/42097545/feds-bowman-warns-on-inflation-risks-signals-neutral-rate-may-be-closer">Fed&#8217;s Bowman Warns On Inflation, Says Neutral Interest Rates May Be Closer &#8216;Than We Currently Think&#8217;</a>
3. Big Money Flows Into Large-Caps Most ETFs are market-cap-weighted, which means they funnel disproportionate capital into large-cap stocks. Panigirtzoglou warns this trend could inflate valuations for mega-caps while crowding out smaller companies, risking capital misallocation.
Companies such as Nvidia Corp, Apple Inc, and Microsoft Corp each currently command over $3 trillion in market cap on the U.S. stock markets.
4. Liquidity Rushes to the Closing Bell As ETFs rebalance towards the end of trading sessions, liquidity has increasingly clustered during these periods. Around one-third of S&amp;P 500 trades now occur in the final 10 minutes of the day, Panigirtzoglou points out, creating a feedback loop of concentrated activity.
5. Concentrated Risks in a Few ETFs The rise of giant ETFs like the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and the Invesco QQQ Trust, Series 1 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) has introduced systemic risks. Panigirtzoglou argues that their scale and importance rival those of equity futures, making the market vulnerable to large, single-product flows.
6. Algorithmic Traders Are Thriving Bond ETFs, in particular, have bolstered electronic and algorithmic trading, says Panigirtzoglou. Non-bank market makers now dominate liquidity provision in fixed-income markets, capitalizing on high-volume, low-margin trades.
Popular bond ETFs, such as the iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) and the Vanguard Total Bond Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BND#NYSE">BND</a>), are among the largest and most liquid bond market ETFs traded in the U.S.
7. Index Changes Have Outsized Effects Panigirtzoglou emphasizes how ETF-driven flows have magnified the impact of index rebalancing. Stocks entering major indices see outsized gains, while those removed face steeper declines than fundamentals might justify.
8. Corporate Governance Takes a Hit With passive funds dominating, Panigirtzoglou sees a decline in corporate activism. Unlike active managers, passive funds have little incentive to push for governance changes, which could diminish oversight.
9. Market Efficiency Is Declining The shift toward passive investing reduces opportunities for arbitrage, Panigirtzoglou argues, leading to more persistent mispricings. While this could lure active managers back, their ability to extract alpha has waned.
10. Passive Investing's Limit May Be Near Panigirtzoglou suggests there may be a natural ceiling for passive investing. If market inefficiencies grow too large, active managers could stage a comeback, attracting capital back from ETFs to actively managed funds.
The ETF revolution has undoubtedly democratized investing, but Panigirtzoglou warns that its rapid rise comes with unintended consequences. 
From concentrated liquidity to increased systemic risks, the landscape is evolving in ways that demand vigilance. 
As ETFs near the $15 trillion milestone, will passive dominance plateau, or is its impact just beginning?
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10 Ways ETFs Are Reshaping US Markets As They Near $15 Trillion

Investors looking to bonds and bond ETFs for stability may face heightened volatility due to President-elect Donald Trump's approach to tariffs could put <a href="https://www.benzinga.com/topic/treasury-yields">upward pressure on yields</a>.
What Happened: Bond yields continue to climb after the Fed's 25-basis-point rate cut on Thursday. With the 10-year Treasury yield reached 4.34% in response to market speculation around Trump's fiscal agenda.
This shift complicates the Federal Reserve's efforts to ease borrowing costs, a concern for individual bondholders and bond ETFs investors. The backdrop of tax cuts and anticipated tariffs could limit the Fed's <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41814589/why-trumps-boost-to-treasury-yields-inflation-expectations-may-weaken-feds-efforts-">ability to cut rates deeply</a>.
Also Read: <a href="https://www.benzinga.com/24/11/41886697/two-ideas-famed-stock-market-forecasters-agree-on-for-2025">Why Trump&#8217;s Win Has 2 Market Experts Betting On Small Caps, Financials</a>
Since mid-September, Treasury yields have surged by over 70 basis points, putting additional pressure on bond prices and impacting major bond ETFs. BofA Global Research has adjusted its outlook, with Treasury yields now projected in the 4.25%-4.75% range, Reuters reports. This rising yield environment creates challenges for bonds, as higher yields correspond to declining bond prices, which could erode returns for investors in bond ETFs.
Why It Matters: According to Reuters, the Committee for a Responsible Federal Budget estimates that Trump's proposed fiscal policies will add approximately $7.75 trillion to the national debt in a decade. Economists, banks and analysts have all warned that the <a href="https://www.benzinga.com/personal-finance/24/09/40961812/economists-warn-trumps-plans-for-tax-cuts-tariffs-and-deportation-could-trigger-skyrocketing-inf">plans will worsen inflation</a> and make debt unsustainable.
Bond ETFs, which offer exposure across various segments of the bond market, are likely to feel the impact of these fiscal pressures as bond yields trend higher.
Increased yields may lead to more appealing income for bond ETF investors but could also heighten risks related to price declines as yields continue to rise.
On Monday, 10 prominent bond ETFs were mainly trading lower:
<ul>
<li>Vanguard Total Bond Market ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>): $72.93, down 0.22%.</li>
<li>iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>): $98.26, 0.25% lower.</li>
<li>SPDR Portfolio Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPAB#NYSE">SPAB</a>): $25.34, down 0.3%.</li>
<li>iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LQD#NYSE">LQD</a>): $109.60, 0.23% lower.</li>
<li>Vanguard Short-Term Corporate Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VCSH#NASDAQ">VCSH</a>): $78.30, down 0.09%.</li>
<li>iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>): $91.93, down 0.6%.</li>
<li>Vanguard Intermediate-Term Corporate Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VCIT#NASDAQ">VCIT</a>): $81.47, 0.22% lower.</li>
<li>iShares U.S. Treasury Bond ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/GOVT#BATS">GOVT</a>): $22.72, down 0.24%.</li>
<li>SPDR Bloomberg High Yield Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNK#NYSE">JNK</a>): $97.02, down 0.05%.</li>
<li>Vanguard Total International Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNDX#NASDAQ">BNDX</a>): $49.94, up 0.09%</li>
</ul>
With rising bond yields and fiscal expansion under Trump, bond ETFs could continue to see volatility. 
Bond investors may need to weigh the attraction of higher yields against potential declines in bond prices, particularly in high-yield and long-term Treasury segments, where market shifts are expected to be most pronounced.
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Bond ETFs Slide As Fed Cuts Clash With Trump's Fiscal Agenda

Undeterred by early August volatility, investors poured a staggering $75 billion into U.S. exchange-traded funds in August, a fivefold increase compared to the <a href="https://www.benzinga.com/etfs">same period last year.</a>
According to Bloomberg data, the strong August inflows into ETFs have pushed the year-to-date total to over $600 billion, putting 2024 on track to potentially challenge the all-time record of $911 billion in inflows, set in 2021 — a year before the Federal Reserve initiated its rate hike cycle.
Athanasios Psarofagis, an ETF analyst at Bloomberg Intelligence, highlighted that investors took advantage of the early August market dip to increase their equity ETF holdings. Additionally, there was a notable surge in demand for bond-related ETFs and small-cap ETFs as investors anticipate the start of the Federal Reserve's rate cuts.
<h3 class="wp-block-heading">ETF Market Nears $10 Trillion In Total Value</h3>
Bloomberg data reveals the total value of ETFs is approaching the $10-trillion mark, representing nearly one-third of the total value of all investment funds in circulation. Passive ETFs dominate this space with $8.7 trillion in assets, while actively managed ETFs have grown by 30% this year to $783 billion.
Both fixed-income and equity ETFs have seen strong inflows, with fixed-income products attracting $187 billion and equity ETFs $367 billion so far in 2024. 
Todd Sohn, an ETF strategist at Strategas, said bond ETFs have particularly benefited from an array of new offerings, including actively managed funds. Bond ETFs have attracted $100 billion over the last three months, surpassing the inflows seen during the early pandemic-recovery period in 2020.
Bitcoin-based ETFs have also gained traction, with net inflows exceeding $17 billion so far this year. Leveraged and inverse funds based on single companies have accumulated more than $9 billion in assets.
<h3 class="wp-block-heading">Top 5 ETFs By Inflows In August 2024</h3>
The following U.S.-listed ETFs saw the largest inflows of capital in August 2024:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Fund</th>
<th>Fund flows in August 2024</th>
</tr>
</thead>
<tbody>
<tr>
<td>Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>)</td>
<td>$5.964 bn</td>
</tr>
<tr>
<td>Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>)</td>
<td>$3.906 bn</td>
</tr>
<tr>
<td>iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>)</td>
<td>$3.038 bn</td>
</tr>
<tr>
<td>iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>)</td>
<td>$2.49 bn</td>
</tr>
<tr>
<td>Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>)</td>
<td>$2.358 bn</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data: TradingView (as of Sept. 3)</figcaption></figure>
<h3 class="wp-block-heading">Year-To-Date ETF Inflow Leaders</h3>
Year-to-date, the top five ETFs by inflows are:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Fund</th>
<th>YTD fund flows</th>
</tr>
</thead>
<tbody>
<tr>
<td>Vanguard S&amp;P 500 ETF</td>
<td>$60.648 bn</td>
</tr>
<tr>
<td>iShares Core S&amp;P 500 ETF</td>
<td>$43.532 bn</td>
</tr>
<tr>
<td>Vanguard Total Stock Market ETF</td>
<td>$21.098 bn</td>
</tr>
<tr>
<td>Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)</td>
<td>$19.329 bn</td>
</tr>
<tr>
<td>iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>)</td>
<td>$14.152 bn</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data: TradingView (as of Sept. 3)</figcaption></figure>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40689742/goldman-sachs-bullish-on-gold-wall-street-giant-targets-2-700-by-early-2025-driven-">Goldman Sachs Bullish On Gold: Wall Street Giant Targets $2,700 By Early 2025, Driven By Geopolitical Risks, Fed Rate Cuts</a></li>
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US ETFs Attract $75 Billion In August, Push 2024 Inflows Over $600 Billion: 7 Investor Favorite Funds

Bond traders predict that the Federal Reserve&#8216;s<a href="https://www.benzinga.com/government/24/06/39506407/6-biggest-us-banks-ramp-up-buybacks-undeterred-by-stress-tests"> interest-rate cuts </a>will go well beyond what the agency has forecast for the next nine months.
Traders in the U.S. rates options market expect a much higher 3 percentage points worth of cuts by March. This dwarfs the Fed&#8217;s recent projections of just 25 basis points of reductions by the end of 2024 and a total 125-basis-point cut by the end of next year, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-25/bond-traders-boldly-bet-on-300-basis-points-of-fed-cuts-by-march?cmpid=BBD062624_OUS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=240626&amp;utm_campaign=openamericas&amp;sref=TBDibEcD">reported</a>.
Options-market activity related to the secured overnight financing rate over the past three sessions show a significant upside if the Fed reduced its key rate by 300 basis points to 2.25% by next year&#8217;s first quarter.
Also Read: <a href="http://Bank Stocks Trend Upward As Fed Shares Possible Changes To Bank-Capital Overhaul">Bank Stocks Trend Upward As Fed Shares Possible Changes To Bank-Capital Overhaul</a>
This scenario would allow traders to hedge other investments, but it is an unlikely outcome unless the U.S. economy plummets into recession.
Investors have been keeping a close eye on economic data and remarks by Fed officials for any clues on the timing of eventual Fed easing while hedging against extreme rate cuts and other tail-risk outcomes.
Price Action:  iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) slipped 0.36% by early-afternoon trading on Wednesday, while Vanguard Total Bond Market ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>) declined 0.40%. Vanguard Total International Bond ETF (BNDX) slid 0.43%.
Now Read: <a href="https://www.benzinga.com/real-estate/24/05/38647920/homebuyers-get-mixed-news-from-freddie-mac-and-the-federal-reserve">Homebuyers Get Mixed News From Freddie Mac And The Federal Reserve</a>
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Bond Traders Expect Much Deeper Interest Rate Cuts Than Projected

Markets are expecting the neutral rate &#8212; a theoretical rate that remains stable due to full employment and stable inflation &#8212; to stay higher than policymakers are forecasting. What does this mean for bond <a href="https://www.msn.com/en-us/money/markets/bond-etfs-unfazed-by-fed-decision-to-keep-rates-steady/ar-BB1ob69W">exchange-traded funds</a>?
A higher neutral rate may limit the Federal Reserve&#8217;s ability to cut interest rates, possibly causing headwinds for bonds, <a href="https://www.bloomberg.com/news/articles/2024-06-23/how-long-will-high-rates-last-bond-markets-say-maybe-forever?srnd=homepage-americas&amp;sref=TBDibEcD">Bloomberg </a>reports. 
Forward contracts on the five-year interest rate in the next five years — a proxy for the market's view of where U.S. rates might land — have stagnated at 3.6%. That is down from last year's peak of 4.5%, but it's still more than one full percentage point higher than the average over the past decade and above the Fed's own estimate of 2.75%.
This indicates the market is pricing in a much more elevated floor for yields, according to Bloomberg. This may limit bond performance, which might hamper investors&#8217; hopes for the kind of bond rally that saved them late last year.
Also read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39420979/us-economy-in-state-of-unstable-equilibrium-study-finds">US Economy &#8216;In State Of Unstable Equilibrium,&#8217; Study Finds</a>
Investor sentiment is rising steadily, but a Bloomberg gauge of Treasury returns was down just 0.3% in 2024 as of Friday, after shedding 3.4% for the year at its low point. Benchmark yields are down about half a percentage point from their year-to-date peak in April, Bloomberg reported.
The true level of the neutral rate, also known as R-Star, may take an upward trend that would reverse a decades-long downward drift on expectations for large and protracted government budget deficits and increased spending on battling climate change.
Further gains in bonds may require a more pronounced slowdown in inflation and growth to prompt interest rate cuts more quickly and deeply than the Fed currently envisions. A higher neutral rate would make this scenario less likely, according to Bloomberg.
Economists expect&nbsp;data next week&nbsp;to show that the Fed's preferred gauge of underlying inflation slowed to an annualized rate 2.6% last month from 2.8%. 
That is the lowest reading since March 2021, but it still exceeds the Fed's goal for 2% inflation. And the unemployment rate has been at or below 4% for more than two years, the best performance since the 1960s.
Price action: iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) was up 0.01%, the Vanguard Total Bond Market Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>) was down 0.04% and the Vanguard Total International Bond Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNDX#NASDAQ">BNDX</a>) slipped 0.12% at the time of publication Monday.
Read Next:
<a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36438336/investor-optimism-tested-navigating-2024-bond-markets-uncertain-terrain">Investor Optimism Tested: Navigating 2024 Bond Market&#8217;s Uncertain Terrain</a>
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Market's Higher Neutral Rate Expectations May Challenge Bond ETFs

The bond market remained stable on Thursday morning after <a href="https://www.benzinga.com/top-stories/24/06/39293034/exclusive-federal-reserve-to-hold-interest-rates-steady-wednesday-heres-how-investors-are-bracing-fo">the Federal Reserve</a> kept interest rates unchanged on Wednesday, as bond exchange-traded funds stayed flat in early-morning trading.
The Fed kept rates at a 23-year high of between 5.25% and 5.5% on Wednesday as it strives to lower the 3.3% inflation rate to 2%.
&#8220;The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,&#8221; the agency said in a statement on Wednesday.
But policymakers have said they will start lowering rates once they are assured that inflation is heading toward the 2% target. They also scaled back its forecast from three rate cuts to just <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39294739/how-mays-inflation-slowdown-could-influence-feds-next-move-insights-from-6-economis">one this year</a> after an inflation rose in early 2024.
&#8220;The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks,&#8221; the Fed said.
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39271304/economists-feel-federal-reserve-will-lower-interest-rates-just-once-this-year-surve">Economists Feel Federal Reserve Will Lower Interest Rates Just Once This Year: Survey</a>
Several bond ETFs were trading higher at the time of publication Thursday.
Fidelity Total Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBND#NYSE">FBND</a>) shares edged up 0.2% to $45.29, while iShares Core Total USD Bond Market ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IUSB#NASDAQ">IUSB</a>) stock ticked up 0.24% to $45.43.
Stock held by iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) were up 0.29% to $97.61 on Thursday morning. Vanguard Tax-Exempt Bond Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTEB#NYSE">VTEB</a>) shares went up 0.23% to $50.33.
The Fed also said it will keep lowering its holdings of Treasury securities and agency debt and agency mortgage‑backed securities as part of its 2% inflation goal.
&#8220;The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee&#8217;s goals,&#8221; the Fed said. 
&#8220;The Committee&#8217;s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments,&#8221; the central bank added.
Read now: <a href="https://www.benzinga.com/news/24/06/39304408/mohamed-el-erian-says-softer-than-expected-may-inflation-makes-a-solid-case-for-rate-cute-peter-schi">Mohamed El-Erian Says Softer Than Expected May Inflation Makes A &#8216;Solid Case&#8217; For Rate Cut, Peter Schiff Holds The View Latest Numbers Mean &#8216;Nothing&#8217; (CORRECTED)</a>
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IUSB

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Bond ETFs Unfazed By Fed Decision To Keep Rates Steady

The European Central Bank is universally <a href="https://www.benzinga.com//node/39029946">expected to cut interest rates for the Euro area this week</a>.
Cutting back on interest rates for the first time in two decades can be seen as a positive sign for the dwindling European economy, which has been hit by slow growth and poor demographic patterns.
Average inflation in Euro area countries has been mostly on a downward trend since last year, reaching an annual 2.4% in both March and April, down from a peak of 10.6% in October 2022.
The measure, however, is very dynamic within the block, with figures as low as 0.4% for Lithuania and as high as 4.9% in Belgium.
The ECB commenced its latest rate hike cycle in July 2022. Key ECB interest rates, the European counterpart for the federal funds rate, was hiked a total of 10 times and now stands at 4%. The same rate has been kept steady since September of last year.
June's cut will bring the rate down by 25 basis points to a floor of 3.75%.
Yet the steady pace towards the ideal measure of 2% annual inflation might be hitting a roadblock this month, as Eurostat, the block's main statistics office, is estimatfing that May's inflation has gone up to 2.6%, above estimates of 2.5%.
If the measure is confirmed, it won&#8217;t interfere with plans to lower interest rates. It might influence a decision by the ECB to pause rates during July and slow the speed of rate cuts down the line.
Bloomberg Economics has <a href="https://www.bloomberg.com/news/articles/2024-06-01/central-banks-latest-world-rate-paths-set-to-diverge-with-ecb-s-first-cut?sref=TBDibEcD">forecast</a> a pause in July and further cuts in September, October and December.
Read Also: <a href="https://www.benzinga.com/news/24/05/38951699/eu-approves-3-5b-in-frozen-russian-assets-for-ukraine-janet-yellen-has-a-plan-to-increase-amount-by">EU Approves $3.5B In Frozen Russian Assets For Ukraine: Janet Yellen Has A Plan To Increase Amount By Over 10X</a>
<h3 class="wp-block-heading">What This Means For US</h3>
Timing for the EU's latest inflationary cycle is in line with the U.S.'s wave of price increases. Both territories have been subject to the same variables. Energy prices, for example, are affected by the Ukraine/Russia war.
Yet the block's inflation is easing faster than in the U.S.
<a href="https://www.benzinga.com/markets/equities/24/05/38842603/us-inflation-falls-as-expected-in-april-bolsters-fed-rate-cut-bets">Yearly U.S. inflation was 3.4% in April</a>, down from 3.5% in March. 
On Friday, the Fed's preferred measure for inflation, the Personal Consumption Expenditure, was released for the month of April, showing <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/39110198/feds-preferred-inflation-gauge-matches-estimates-personal-income-spending-slow-mo">a steady course, with a 2.7% annual rise as compared to the previous year</a>.
In a Monday interview, Minneapolis Fed President Neel Kashkari advocated for maintaining the current Fed funds rate in the U.S. for a longer period <a href="https://www.benzinga.com/24/06/39131539/feds-neel-kashkari-advocates-for-no-interest-rate-cut-until-we-get-a-lot-more-data-to-convince-us-am">to avoid the risk of jeopardizing U.S. economic prosperity</a>.
The EU's decision will further widen the gap with the cost of borrowing in the U.S., where the federal funds rate now stands at between 5.25% and 5.5%.
Canada is also expected to slash rates this week, in a decision to be confirmed on Wednesday, also widening the gap of borrowing cost across the Northern border, putting further pressure on the Fed to begin slashing rates sooner rather than later.
Canada's annual inflation rate also shows a better trajectory than its American counterpart, having dropped to 2.7% in April, down from 2.9% in March.
An upcoming <a href="https://www.benzinga.com/topic/jobs-report">jobs report</a> this Friday will further inform the Fed in its upcoming decisions. Economists are estimating the creation of 190,000 jobs in May.
<h3 class="wp-block-heading">Stocks And Other Assets To Watch </h3>
Fixed-income securities like government bonds tend to go up as interest rates are slashed.
Their prices will likely be affected by expectations around upcoming rate cuts in the U.S.
Last week, Bank of America chief investment strategist Michael Hartnett said <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39116124/bank-of-america-strategist-shifts-to-bonds-stock-sell-off-prophecy-on-benign-inflat">he's bullish on bonds for the second half of the year as expectations</a> on rate cuts grow and may even become realized.
He said to "buy any dip in bond prices," while recommending to "sell the first cut" for stocks.
While there are many ways to <a href="https://www.benzinga.com/money/how-to-buy-bonds">buy government bonds</a>, investors can also access the bond market by purchasing bond ETFs like iShares Core US Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) and Vanguard Total Bond Market Index Fund ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>).
<h3 class="wp-block-heading">Real Estate</h3>
The real estate market has been <a href="https://www.benzinga.com//node/39110330">one of the worst hit by the recent wave of rate increases</a>, as the cost of borrowing for both commercial and personal building and renovation has skyrocketed.
Expectations on rate cuts could turn out to be a lifeline for the sector, which is covered by ETFs like Vanguard Real Estate Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>), Schwab US REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHH#NYSE">SCHH</a>) and Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>).
Now read: <a href="https://www.benzinga.com//node/38934737">EU Enacts World&#8217;s First AI Regulation, First Compliance Trigger Will Aim To Tackle AI Systems That Pose &#8216;Unacceptable&#8217; Risk</a>
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Pressure Mounts On Fed As Eurozone, Canada Plan Interest Rate Cuts This Week

The bond market is showing new signs of unpredictability as expectations over Fed rate cuts <a href="https://www.benzinga.com/opinion/24/03/37938028/exclusive-interest-rates-rode-the-elevator-up-but-analyst-predicts-theyll-take-the-stairs-coming-dow">shift with every new piece of economic data</a>.
Last week, Fed Chair Jerome Powell acknowledged that <a href="https://www.benzinga.com/economics/macro-economic-events/24/03/37857035/fed-chair-powell-opens-door-to-rate-cuts-this-year-downplays-recent-inflation-upt">rate cuts for this year are being decided on a meeting-by-meeting basis</a>. Therefore, it's not possible to predict how much the cost of borrowing will drop in 2024.
However, some investors <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37900527/federal-reserve-pushes-stocks-to-record-highs-as-rate-cuts-loom-nvidia-rallies-appl">continue to price in at least three rate cuts this year</a>. This took the S&amp;P 500 and other market gauges to record heights last week.
Investors priced in significant rate cuts for 2024 during the first two months, as inflation showed consistent signs of easing. 
But rising prices from February's CPI report came in <a href="https://www.benzinga.com/markets/equities/24/03/37615483/inflation-rises-more-than-expected-to-3-2-rebuffs-expectations-of-june-fed-rate-cut">above economist expectations</a>. And stronger than expected economic activity shows that inflation could be harder to tame than many had hoped.
Meanwhile, the fear of <a href="https://www.benzinga.com/markets/equities/24/01/36614222/stagflation-in-2024-red-sea-crisis-could-trigger-domino-effect-for-global-costs">stagflation</a> is weighing on optimism. 
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37940764/commodities-poised-for-comeback-in-investor-portfolios-this-time-is-different-strat">Commodities Poised For Comeback In Investor Portfolios: &#8216;The Future Could Be Different,&#8217; Strategist Says</a>
How Treasury Notes Are Reacting: Treasury yields, which come down with interest rate cuts, continue to hang on attractive levels.
The yield on the 10-year U.S. The Treasury note was 4.25% on Tuesday, keeping the cost of borrowing money high for prospective homebuyers looking to get into a mortgage, as well as for corporate borrowers.
The 30-year fixed mortgage rate is still gravitating around 7%, which is <a href="https://www.benzinga.com/markets/equities/24/03/37855254/are-you-a-housing-market-lock-in-high-mortgage-rates-result-in-people-not-living-in-homes-they-w">negatively affecting the U.S. housing market</a>.
Yields on Treasury assets set the floor on mortgages and the general cost of borrowing, as mortgage lenders keep interest rates above bond yields in order to attract similar investors, who would otherwise just decide to invest in Treasury notes.
Yields on the 10-year note peaked at 5% in October of last year. They quickly dropped as it became apparent that the Fed's monetary policy was working. The 10-year Treasury yield went from 3.86% at the start of the year to today's 4.25%.
Investors today are <a href="https://www.wsj.com/finance/investing/treasury-yields-rising-fed-interest-rate-expectations-4a157a85?mod=hp_lead_pos11">more</a> moderate in their rate cut expectations. Current yields continue to reflect expectations that the Fed will cut rates in the future. They are now expecting that prediction to come true on a longer timescale.
Investors continue to expect yields to drop. The only thing that could take yields back to October's heights would be if the market receives very strong signals of economic acceleration, taking inflation back up again.
Retail investors can gain diversified exposure to the bond market by purchasing bond ETFs. The largest ones include Vanguard Total Bond Market Index Fund ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>), iShares Core US Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) and iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>).
Now Read:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37891092/5-technologies-that-could-be-worth-220-trillion-by-2030-cathie-woods-ark-predicts-t"> 5 Technologies That Could Be Worth $220 Trillion By 2030, Cathie Wood&#8217;s ARK Predicts &#8211; &#8216;The Time Is Now&#8217;</a>
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Bond Traders Think Interest Rate Cuts Are Ahead, But One Caveat Keeps Yields Above 4%

The S&amp;P 500 index, a bellwether for the U.S. stock market, ends February with a 5.3% surge, marking its fourth <a href="https://www.benzinga.com/markets">consecutive month of gains.</a>
Since the tumultuous days of late October, the broader stock market rally now nears an impressive 25% increase.
The tech-heavy Nasdaq 100 also paints a picture of extraordinary resilience. It surpassed the 18,000-point mark and closed the month at an all-time high. The surge in the Nasdaq 100, up 28% since late October, offers a testament to the unwavering appetite for tech-oriented investments. 
See Also: <a href="https://www.benzinga.com/markets/equities/24/02/37062104/joe-biden-says-stock-market-strength-is-sign-of-confidence-in-americas-economy-good-news">Joe Biden Says Stock Market Strength Is &#8216;Sign Of Confidence&#8217; In America&#8217;s Economy: &#8216;Good News&#8217;</a>
Within the captivating realm of exchange-traded funds (ETFs), here we highlight those commanding the largest influx of money throughout February.
Among these standouts, six offer exposure to broader equity indices, two pivots towards Treasury bonds, while one extends its focus on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
<h3 class="wp-block-heading">Top 10 US ETFs By Inflows In February</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF</th>
<th>Fund Flows (1M)</th>
<th>AUM</th>
</tr>
</thead>
<tbody>
<tr>
<td>Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>)</td>
<td>6.815B</td>
<td>413.71B</td>
</tr>
<tr>
<td>iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>)</td>
<td>5.881B</td>
<td>442.69B</td>
</tr>
<tr>
<td>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>)</td>
<td>5.786B</td>
<td>69.413B</td>
</tr>
<tr>
<td>iShares Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NYSE">IBIT</a>)</td>
<td>3.891B</td>
<td>8.07B</td>
</tr>
<tr>
<td>Vanguard Intermediate-Term Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGIT#NYSE">VGIT</a>)</td>
<td>3.1B</td>
<td>24.816B</td>
</tr>
<tr>
<td>SPDR Portfolio S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPLG#NYSE">SPLG</a>)</td>
<td>3.066B</td>
<td>31.938B</td>
</tr>
<tr>
<td>Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>)</td>
<td>2.819B</td>
<td>374.803B</td>
</tr>
<tr>
<td>iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>)</td>
<td>2.348B</td>
<td>101.583B</td>
</tr>
<tr>
<td>Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)</td>
<td>1.874B</td>
<td>252.624B</td>
</tr>
<tr>
<td>iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>)</td>
<td>1.566B</td>
<td>48.99B</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: TradingView</figcaption></figure>
On Friday, Feb. 9, the S&amp;P 500 index <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37041128/s-p-500-claims-5-000-as-tech-soars-bitcoin-rockets-above-47-000-whats-driving-marke" target="_blank" rel="noreferrer noopener">topped 5,000 for the first time</a>.
This milestone prompted remarks from President Joe Biden. &#8220;The stock market going strong is a sign of confidence in America's economy,&#8221; he said on social media.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37402333/exclusive-magnificent-7-takes-center-stage-in-roundhills-expanded-etf-lineup-with-i">EXCLUSIVE: Magnificent 7 Takes Center Stage In Roundhill&#8217;s Expanded ETF Lineup With Inverse And Leveraged Options</a>
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Investors Poured Nearly $40B Into 10 ETFs In February: Find Out What You're Overlooking

The traditional 60/40 investment portfolio has recorded a remarkable year of growth in 2023, sharply rebounding from a disappointing year in 2022. As of Dec. 27, the year-to-date performance of the 60/40 portfolio, benchmarked by the iShares Core Growth Allocation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AOR#NYSE">AOR</a>), <a href="https://www.benzinga.com/money/what-is-the-60-40-investment-strategy">stands at approximately 13%. </a>
This performance figure ranks as the third-best year for the strategy since its inception in 2008, trailing only behind the strong years of 2009 and 2019.
As we enter the new year, investors are pondering whether the favorable conditions that supported both equities and bonds in the second half of the year will endure.
<h2 class="wp-block-heading">60/40 Portfolio In 2022-2023: From Downturn to Upswing</h2>
The 60/40 portfolio is a time-tested investment strategy known for its simplicity and effectiveness. It involves allocating 60% of the portfolio to stocks and 40% to bonds, with the aim to strike a balance between risk and reward.
Stocks offer the potential for higher returns but come with higher risk, while bonds generally provide lower but more stable returns. By combining both asset classes, the portfolio naturally diversifies, potentially reducing the risk of significant losses since stocks and bonds often react differently to market conditions.
In 2022, the traditional 60/40 portfolio faced one of its most challenging years due to the Fed&#8217;s aggressive interest rate hikes, which created strong headwinds for both equities and fixed-income assets.
The gauge fell as much as 17%, wiping out a sizable portion of the pandemic rally. 
An initial $1,000 investment in a 60/40 portfolio at the beginning of 2022 dipped to less than $800 by November of that year, only to rebound to its current value of $928.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/27172235/newplot-5-1.jpeg" alt="" class="wp-image-170022" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/27172235/newplot-5-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/27172235/newplot-5-1-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/27172235/newplot-5-1-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
However, as inflation subsided in 2023, traders began to anticipate a normalization of elevated interest rates, betting on the Federal Reserve reducing borrowing costs in 2024. 
Money markets currently factor in six rate cuts by 25 basis points next year, a figure substantially higher than the indications given by Federal Reserve officials at the latest meeting, with the dot-plot showing a median preference for 75-basis-point cuts. 
Read also: <a href="https://www.benzinga.com/23/08/33967223/why-the-6040-portfolio-rule-is-not-for-everyone-the-statistics-might-surprise-you">Why The 60/40 Portfolio Rule Is NOT For Everyone – The Statistics Might Surprise You</a>
<h2 class="wp-block-heading">Will the 60/40 Portfolio Continue to Rally in 2024?</h2>
Looking ahead to 2024, it remains to be seen whether the numerous rate cuts currently priced in by the market will be delivered by the Federal Reserve. 
If these rate cuts materialize, bond yields are likely to continue heading lower, benefiting fixed-income assets and potentially rate-sensitive stocks such as those in the technology, real estate, and financial sectors.
On the other hand, if the decline in inflation stalls or fresh pressures emerge, the Federal Reserve may find it inappropriate to deliver as many rate cuts as currently expected by market participants. 
This could lead to disappointment in the markets and potentially weigh on both equities and bonds.
In summary, the 60/40 portfolio has made a strong comeback in 2023, but its performance in 2024 will depend on whether the anticipated rate cuts materialize and how economic factors evolve.
<h2 class="wp-block-heading">5 Strategies to Create a 60/40 Portfolio</h2>
Aside from the iShares Core Growth Allocation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AOR#NYSE">AOR</a>), there are several other ways for investors to construct a 60/40 portfolio. 
Here are seven different approaches an investor can use to replicate a 60/40 portfolio, with each pairing a stock ETF with a bond ETF:
<ol>
<li>S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and iShares 20+ Year Treasury Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NYSE">TLT</a>): Combining SPY, which tracks the S&amp;P 500 Index, with TLT, focusing on long-term U.S. Treasury bonds, offers a balanced portfolio with exposure to the U.S. stock market and the stability of government bonds.</li>
<li>Vanguard Total World Stock ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VT#NYSE">VT</a>) and iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>): VT provides global stock market exposure, while AGG tracks the U.S. Aggregate Bond Index, diversifying bond exposure.</li>
<li>iShares MSCI ACWI ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACWI#NYSE">ACWI</a>) and Vanguard Total International Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNDX#NYSE">BNDX</a>): ACWI offers global equity exposure, and BNDX focuses on non-U.S. bonds, providing international diversification.</li>
<li>iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) and Vanguard Total Bond Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BND#NYSE">BND</a>): Similar to SPY, IVV tracks the S&amp;P 500, and BND provides diversified exposure to the U.S. bond market.</li>
<li>Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>) and Vanguard Total World Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNDW#NYSE">BNDW</a>): VTI offers exposure to the entire U.S. stock market, and BNDW provides a globally diversified bond exposure.</li>
</ol>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36403950/treasury-etf-and-real-estate-sector-rise-together-as-30-year-yields-dip-below-4">Treasury ETF And Real Estate Sector Rise Together As 30-Year Yields Dip Below 4%</a>
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ACWI

BNDW

60/40 Portfolio Bounces Back From 2022 Slump: Is It The Right Investment Strategy For 2024?

In recent weeks, several bond exchange-traded funds (ETFs) have experienced a significant surge in inflows, indicating a <a href="https://www.benzinga.com/money/best-bond-etf">heightened interest among investors. </a>
This shift coincided with a market that significantly upped bets on Federal Reserve rate cuts for 2024, backed by a robust and ongoing <a href="https://www.benzinga.com/topic/inflation">disinflationary trend</a> in the U.S. economy. 
Speculators have gone as far as factoring in an initial rate cut as early as March 2024, with whispers of a total of five rate cuts by December 2024.
But which bond ETFs are currently piquing investors&#8217; interest?
<h2 class="wp-block-heading">From &#8216;Cash-Like&#8217; to &#8216;Equity-Like&#8217;</h2>
While the third quarter in 2023 witnessed a notable uptick in inflows into cash-linked bond ETFs, primarily those investing in short-dated Treasury bonds and bills, the latest trends are veering towards more aggressive fixed-income strategies.
Investors are strategically positioning themselves in anticipation of an imminent U-turn in Fed&#8217;s monetary policy stance, eyeing a select group of bond ETFs that have weathered the storm during the recent spate of interest rate hikes.
Their bullish stance on riskier bond ETFs underscores a burgeoning belief that the bond market landscape could undergo a substantial recalibration in the coming months, as they brace for a more accommodating monetary policy environment.
These ETFs encompass a diverse range, including long-term Treasury bonds, emerging-market bonds, and high-yield corporate bonds. 
<h2 class="wp-block-heading">Top 10 Bond ETFs by Fund Inflows in the Past Month</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Name</th>
<th>Fund Flows (1-month)</th>
</tr>
</thead>
<tbody>
<tr>
<td>iShares Trust &#8211; iShares iBoxx $ High Yield Corporate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HYG#NYSE">HYG</a>)</td>
<td>$3.69 bn</td>
</tr>
<tr>
<td>iShares Trust &#8211; iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>)</td>
<td>$2.62 bn</td>
</tr>
<tr>
<td>SPDR Series Trust &#8211; SPDR Bloomberg High Yield Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNK#NYSE">JNK</a>)</td>
<td>$1.99 bn</td>
</tr>
<tr>
<td>iShares Trust &#8211; iShares J.P. Morgan USD Emerging Markets Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMB#NASDAQ">EMB</a>)</td>
<td>$1.89 bn</td>
</tr>
<tr>
<td>iShares Trust &#8211; iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>)</td>
<td>$1.62 bn</td>
</tr>
<tr>
<td>Vanguard Bond Index Funds &#8211; Vanguard Total Bond Market ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>)</td>
<td>$1.56 bn</td>
</tr>
<tr>
<td>iShares Trust &#8211; iShares Broad USD High Yield Corporate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USHY#NYSE">USHY</a>)</td>
<td>$1.31 bn</td>
</tr>
<tr>
<td>Vanguard Scottsdale Funds &#8211; Vanguard Long-Term Treasury ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VGLT#NASDAQ">VGLT</a>)</td>
<td>$665.99 bn</td>
</tr>
<tr>
<td>Vanguard Charlotte Funds &#8211; Vanguard Total International Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNDX#NASDAQ">BNDX</a>)</td>
<td>$641.06 bn</td>
</tr>
<tr>
<td>iShares Trust &#8211; iShares 5-10 Year Investment Grade Corporate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGIB#NYSE">IGIB</a>)</td>
<td>$216.67 bn</td>
</tr>
</tbody>
</table>
</figure>
Read Now: <a href="https://www.benzinga.com/etfs/specialty-etfs/23/12/36075348/golds-record-high-why-havent-gold-miners-followed-suit">Gold&#8217;s Record High: Why Haven&#8217;t Gold Miners Followed Suit?</a>
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iShares JPMorgan USD Emerging Markets Bond Fund

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Investors Pour Billions To Aggressive Bond ETFs, Banking On Multiple Fed Rate Cuts in 2024

The U.S. dollar made something of a comeback in the last two days of November, following a month of losses as markets leveraged rising expectations the Federal Reserve will start cutting rates in the first <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36028726/we-are-now-at-the-soft-landing-economists-markets-react-to-subdued-pce-inflation-da">quarter of 2024.</a>
Although the dollar index (DXY) was fractionally lower on Friday, during the final two days of November the DXY gained a cumulative 0.6%.
But analysts believed the rally would be short-lived while equities continued to surge and rate cut optimism remained high. Bank of America FX strategist Athanasios Vamvakidis said: &#8220;We are bearish on the dollar into 2024 — we could see a correction from oversold positions into the year end, but would sell the bounce for a 2024 decline.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/equities/23/11/35985582/dollar-decline-stock-market-rally-explains-70-of-recent-us-dollar-downtrend-says-bofa">Dollar Decline: Stock Market Rally Explains 70% Of Recent US Dollar Downtrend</a>
<h2 class="wp-block-heading">Dollar Decoupling</h2>
In November, as investors&#8217; appetite for risk led to major gains in the equity markets, the dollar largely diverged from its usual drivers tied to the economy, geopolitics, and policy. Instead, it became the anti-equity trade.
As the S&amp;P 500 stock index climbed 8.9% during November, the dollar index (DXY) fell 3.1%. During the same period, the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500, gained 9.1%.
Among the major currency crosses, the dollar&#8217;s worst performance during November was against the New Zealand dollar (NZD/USD) — down 4.6%. The dollar lost 3.6% versus the British pound (GBP/USD) and was down 2.6% against the euro (EUR/USD).
The performance of exchange traded funds tracking investment behavior in the dollar also illustrated market sentiment towards the U.S. currency. The Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) fell 2.5% during November, while the Invesco DB US Dollar Index Bearish Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UDN#NYSE">UDN</a>) rose 3.3%.
<h2 class="wp-block-heading">Treasury Market Rally — Yields Retreat From 5%</h2>
The biggest market driver during the month was rising expectations that the Federal Reserve had ended its cycle of interest rate hikes, after the central bank left its main Fed Funds Rate at 5.25%-5.5% at its September and November policy meetings.
Expectations of a more dovish Fed at the Dec. 13 meeting were further driven by data that showed <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36028726/we-are-now-at-the-soft-landing-economists-markets-react-to-subdued-pce-inflation-da">inflation becoming more benign</a>. Consumer price data in early November showed the annual headline inflation rate dropping to 3.2%, while the rate as measured by personal consumption expenditures — the Fed&#8217;s favored measure — fell to 3%. The Fed&#8217;s target rate is 2%.
Hopes of a more dovish Fed also spurred a rally in the U.S. government bonds market. Prices climbed, driving yields lower from 16-year highs. Having peaked at 5.02% in October, the 10-year Treasury yield was down to 4.32% on Friday.
The iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>), an exchange traded fund that tracks the broad U.S. bond market, gained 4.3% during November.
Now Read: <a href="https://www.benzinga.com/news/23/11/36004201/november-rally-sets-treasury-bonds-on-track-for-best-month-in-40-years">November Rally Sets Treasury Bonds On Track For Best Month In 40 Years</a>
Photo: Shutterstock

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PowerShares DB US Dollar Index Bearish Fund

PowerShares DB US Dollar Index Bullish Fund

Dollar Dumps In November As Fed Rate Cut Optimism Increases

U.S. government bonds are on track for their best month in nearly 40 years following a summer and early autumn sell off that saw foreign buyers all but <a href="https://www.benzinga.com/news/23/11/35856564/foreign-buyers-desert-us-treasury-bond-market-as-supply-increases">desert the Treasury markets</a>.
The dramatic turnaround in November came as Treasury yields dropped from 16-year highs — with the benchmark 10-year yield <a href="https://www.benzinga.com/federal-reserve/23/10/35401487/10-year-treasuries-exceed-5-for-first-time-since-2007-then-crater-on-ackman-short-cover">hitting 5%</a> in late October — thanks to growing optimism that the Federal Reserve&#8217;s next policy move will be a rate cut, possibly in the first quarter of 2024.
The Bloomberg U.S. Aggregate Bond index (Agg), which tracks total returns on US bonds, is up 4.3% in November, setting it up for its best monthly percentage gain since 1985.
Similarly, the iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>), an exchange traded fund that tracks the Bloomberg benchmark, is up 4.1% so far this month — its best monthly performance since December 2008.
Also Read: <a href="https://www.benzinga.com/federal-reserve/23/10/35401487/10-year-treasuries-exceed-5-for-first-time-since-2007-then-crater-on-ackman-short-cover">10-Year Treasuries Exceed 5% For First Time Since 2007</a>
<h2 class="wp-block-heading">Spring/Autumn Treasury Sell-Off</h2>
Earlier this month data from the Treasury department showed that foreign buyers, including the central banks of Japan and China, were <a href="https://www.benzinga.com/news/23/11/35856564/foreign-buyers-desert-us-treasury-bond-market-as-supply-increases">net sellers of U.S. bonds</a> in September to the tune of $1.7 billion.
The Bloomberg Agg index suggests investors were net sellers between May and October. Indeed, Oct. 23 saw the yield on the 10-year Treasury peak at a 16-year high of 5.021% — when yields move higher Treasury prices move lower as investors sell.
So, what&#8217;s bought buyers back into the market? Even on the day the 10-year yield hit its peak, it ended lower on the day at 4.85%. Some of the bond buying came from hedge fund short sellers, <a href="https://www.benzinga.com/federal-reserve/23/10/35401487/10-year-treasuries-exceed-5-for-first-time-since-2007-then-crater-on-ackman-short-cover">including Bill Ackman&#8217;s Pershing Square Capital Management</a>, who were covering their positions.
Then the Federal Reserve, at its Nov. 1 policy meeting, held interest rates steady for the second consecutive meeting, spurring hopes among Treasury and equity investors that its rate-hike cycle was over.
<h2 class="wp-block-heading">Inflation Rate Drops</h2>
Hopes of a more dovish policy stance from future Fed meetings were raised by U.S. inflation data that showed headline consumer prices had dropped to 3.2% in October — creeping down towards the Fed&#8217;s 2% target rate.
&#8220;It is clear from the sharpness of the move across asset markets in the past week or two, that the CPI inflation release was a pivotal moment in the market's interpretation of the outlook for Fed interest rate policy,&#8221; said Jane Foley, senior FX strategist at Rabobank.
The benchmark 10-year yield stood at 4.29% on Wednesday morning, still higher than the 3.7% at which it started the year, but at a level that is now attracting buyers again.
Now Read: <a href="https://www.benzinga.com/news/23/11/35856564/foreign-buyers-desert-us-treasury-bond-market-as-supply-increases">Foreign Buyers Desert US Treasury Bond Market As Supply Increases</a>
Photo: Shutterstock

Short Sellers

November Rally Sets Treasury Bonds On Track For Best Month In 40 Years

Investors have accumulated record amounts of cash and equivalent assets as a way to hedge against the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35150923/why-this-cboe-global-markets-analyst-is-bullish-at-time-of-geopolitical-turmoil">volatility of recent times.</a>
Now, fund managers are urging investors to put that money to work, as decreasing inflation and the potential for an economic slowdown may lead to profitable opportunities in the bond markets.
<a href="https://www.ici.org/research/stats/mmf">According</a> to ICI Global, capital invested into money market fund assets reached a record of $5.73 trillion last week. Money market funds are characterized by having very low volatility and very high liquidity, holding large amounts of cash and other low-risk securities in their portfolios.
Investors tend to lean towards money market investing in times of uncertainty, when availability of cash is a prime concern and tolerance to risk is low. Money market funds give better returns than cash deposits on banks, which is why investors have been flocking towards these assets since the Fed began its tightening cycle last year, which has now taken the federal funds rate to between 5.25% and 5.50%.
But, with <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35783516/october-inflation-drop-triggers-markets-rally-economists-reassess-after-surprising-">inflation dropping to more comfortable levels</a>, bond managers are suggesting that now is an optimal time to allocate some of those assets into the bond market.
Minutes from the Federal Open Market Committee&#8217;s November meeting revealed that Fed participants view the current interest rate level of between 5.25% and 5.5% as restrictive, potentially signaling the end of their intensive rate hike campaign in light of recent positive inflation data and acknowledging the significant tightening of financial <a href="https://www.benzinga.com/economics/macro-economic-events/23/11/35903926/november-fomc-minutes-fed-leans-toward-rate-stability-as-inflation-eases">conditions in recent months.</a>
Also Read: <a href="https://www.benzinga.com/news/23/11/35905071/musk-and-the-magnificent-9-how-worlds-10-richest-people-bagged-400b-in-2023">Musk And The Magnificent 9: How World&#8217;s 10 Richest People Bagged $400B In 2023</a>
Greg Whiteley, head of Government Securities Investing at DoubleLine <a href="https://www.bloomberg.com/news/articles/2023-11-21/bond-managers-of-2-5-trillion-make-case-for-leaving-cash-behind?srnd=premium&amp;sref=TBDibEcD">told</a> Bloomberg that the range of 4.5% to 5% yield "is a safe place to be buying bonds."
The two-year treasury bond currently yields at 4.89% while the 5- and 10-year bonds have a yield of 4.44%.
Whiteley and other fund managers contend that the Federal Reserve&#8217;s actions are effectively slowing down the economy, a necessary step to reduce inflation back to the 2% target. Economist Gary Shilling <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35867664/legendary-economist-foresees-30-drop-in-stocks-predicts-recession-and-feds-credibil">this week predicted that a recession is imminent</a>, potentially including a 30% drop in stock values, which further supports the strategy of redirecting investments towards safer and comparatively higher-yielding assets such as bonds.
Piper Sandler strategist Michael Kantrowitz echoed the same prediction over the weekend, based on several data points coming<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35866823/top-wall-street-strategist-expresses-worries-about-looming-recession-we-are-at-the-"> from housing, profits, and employment.</a> 
The housing market showed a slight uptick last week but<a href="https://www.benzinga.com/news/23/11/35836886/housing-market-shows-a-slight-uptick-but-remains-slow-ahead-of-beazer-homes-earnings-call"> continues at historically low levels</a>, with mortgage rates sustaining prices that are unaffordable for the majority of homebuyers.
Other economists, however, lean towards a soft-landing scenario, which would mean a return to pre-pandemic<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35820947/us-economy-gearing-towards-soft-landing-amid-inflation-concerns-says-economists"> inflation levels without a recession</a>.
Bond fund managers argue that sticking to cash "means you miss all the potential price appreciation if the economy starts to slow," as Ryan Murphy of Capital Group told Bloomberg.
The managers also pointed to <a href="https://www.benzinga.com/money/what-are-mortgage-backed-securities">mortgage bonds</a> as a sector that could lift off next year if interest rates come down. Mortgage-backed securities consist of pools of mortgages that lenders bundle together and sell as securities to third parties in order to free up more cash to continue lending.
While these securities gained a bad reputation for their role in the 2008 financial crash, increased regulation has made them appealing again. Although they still carry more risk than cash or government bonds, they're generally considered less risky than corporate bonds, because there&#8217;s real estate as collateral, and they carry less volatility than stocks.
These include Vanguard Total Bond Market ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BND#NASDAQ">BND</a>) and iShares Core US Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>) for the broad ranging bond market, and iShares MBS ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBB#NASDAQ">MBB</a>) as well as Vanguard Mortgage-Backed Securities ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMBS#NASDAQ">VMBS</a>) for specific exposure to mortgage-backed securities.
Now Read: <a href="https://www.benzinga.com/fintech/23/11/35904576/sam-altman-in-discussions-about-openai-return-as-employees-revolt-and-msft-picks-up-the-pieces">Sam Altman In Discussions About OpenAI Return As Employees Revolt, Microsoft Picks Up The Pieces</a>
Image by Shutterstock.

VMBS

Ready For Recession? Fund Managers Advocate Shift To Treasury, Mortgage Bonds

As the market eagerly awaits the next CPI report, the overarching question remains: Is the U.S. economy on track to hit the Fed&#8217;s 2% inflation target, or are we grappling with <a href="https://www.benzinga.com/economics/macro-economic-events/23/09/34370284/august-cpi-preview-investors-brace-for-inflation-uptick-headache-looms-for-powell">more tenacious inflationary trends?</a>
The July Curveball and What&#8217;s In Store For August: Despite a year-long trend of dropping annual inflation rates, July threw us a curve with a jump from 3% to 3.2% — slightly under the anticipated 3.3%.
Expectations point to headline inflation increasing to 3.6% YoY. On a monthly basis, the CPI is projected to advance by 0.6%, marking an acceleration from the 0.2% uptick in July. The factor to blame? Just look at oil prices. 
But here&#8217;s the twist &#8211; core inflation, often a truer tell of the underlying inflationary pressures, might dial down from 4.7% to 4.3%.
Read also: <a href="https://www.benzinga.com/etfs/specialty-etfs/23/09/34335973/the-biggest-short-trader-bets-30k-on-1-100-vix-spike-by-february-2024">The Biggest Short: Trader Bets $30K On 1,100% VIX Spike By February 2024</a>
Market Speculations: Mixed inflation signals have investors buzzing about possible market movements post the August CPI release, which is set to occur on Sept. 13 at 8:30 a.m. ET.
Here&#8217;s a recap of how five major ETFs moved following prior CPI announcements.
1. SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)
<ul>
<li>Aug. 10, 2023: On the day July&#8217;s CPI data came out, SPY barely blinked, staying flat. However, the following week was less serene, with the ETF sliding down by 2%.</li>
<li>July 12, 2023: June&#8217;s CPI report seemed to spark some optimism. The SPY appreciated 0.8% on the back of the lower-than-anticipated figures, then maintained its momentum, climbing another 2% over the ensuing week.</li>
<li>June 13, 2023: Once again, a softer inflation report led to a boost in investor confidence. SPY went up by 0.7% on the release day, and broadly maintained that level in the subsequent week.</li>
</ul>
2. iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>)
<ul>
<li>Aug. 10, 2023: AGG fell 0.7% on the day and slid another 1% the following week after July&#8217;s CPI release.</li>
<li>July 12, 2023: Following June&#8217;s CPI, AGG gained 0.8% immediately and added another 0.8% over the week.</li>
<li>June 13, 2023: Post-May&#8217;s CPI data, AGG dipped 0.5% but rebounded with a 0.8% rise in the subsequent week.</li>
</ul>
3. SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)
<ul>
<li>Aug. 10, 2023: GLD dipped 0.1% on release day and went down another 1.3% over the week post-July&#8217;s CPI.</li>
<li>July 12, 2023: After June&#8217;s CPI, GLD surged 1.4% on the day and then added 0.5% in the week.</li>
<li>June 13, 2023: Post-May CPI, GLD dropped 0.7% and declined another 0.4% during the week.</li>
</ul>
4. iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>)
<ul>
<li>Aug. 10, 2023: Small-cap stocks tracked by the IWM ETF fell 0.4% on release day and went down another 3.7% over the week post-July&#8217;s CPI.</li>
<li>July 12, 2023: After June&#8217;s CPI, IWM rose 1.1% on the day and then added 2.6% in the week.</li>
<li>June 13, 2023: Post-May CPI, IWM saw a solid 1.1% rise and then declined 1.4% through the week.</li>
</ul>
5. iShares 20+ Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>)
<ul>
<li>Aug. 10, 2023: TLT took a hit of 1.7% on the day following July&#8217;s CPI and deepened its decline by 2.3% over the subsequent week.</li>
<li>July 12, 2023: In response to June&#8217;s CPI, TLT surged 1.1% and continued its ascent, marking a 2% rise throughout the week.</li>
<li>June 13, 2023: Post-May&#8217;s CPI figures, TLT saw a 1% drop but rebounded with a notable 2.1% gain in the week that followed.</li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/23/09/34372193/oil-climbs-iphone-faces-china-ban-uaw-strike-looms-the-week-in-the-markets">Oil Climbs, iPhone Faces China Ban, UAW Strike Looms: The Week In The Markets</a>
Photo: Shutterstock

CPI Report Countdown: 5 ETFs Bracing For August's Inflation Numbers

The bond market in 2023 has not experienced the rally that many expected at the beginning of the year, following nightmarish performance in 2022 and rising expectations of a <a href="https://www.benzinga.com/economics/macro-economic-events/23/07/33099550/attention-shifts-to-fed-minutes-volatility-may-resume-this-week-as-markets-do-not" target="_blank" rel="noreferrer noopener">Fed policy turn.</a> 
Yet investor inflows into bond-related ETFs are running hot these days, fueled by bets that the fixed-income market will soon reverse this trend. 
The iShares Core U.S. Aggregate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGG#NYSE">AGG</a>), the second-largest bond ETF in the world with $92 billion in assets under management, has seen significant inflows of $5.4 billion in the second quarter of 2023, matching its best quarter ever in the second quarter of 2020, according to Koyfin data. 
Despite the strong inflow momentum, the performance of the U.S. corporate investment-grade market has been negative in 2023, down 0.4% year-to-date. The investment grade bond market still remains 15% lower than its level at the beginning of 2022 and 18.6% below its record highs of 2020.
<h2 class="wp-block-heading">No US Recession, Hawkish Fed Prevent Bond Rally in 2023</h2>
The bond market&#8217;s failure to rally in 2023 can be attributed to a stronger-than-expected U.S. economy and job market, both of which have materially reduced risks of a recession. This has led the Federal Reserve to keep focusing on combating inflation through further interest rate hikes, which hurt fixed-income assets. 
Bond bulls who expected a Fed reversal and priced in rate cuts this year have seen their optimistic expectations significantly reduced by the resiliency of the U.S. economy.
Compared to the lows of October 2022, the U.S. bond market ETF has only gained 4.5%, while the S&amp;P 500 Index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has gained 27.6%. This stark performance difference highlights the clear overperformance of stocks compared to bonds in the first half of 2023.
<a href="https://www.benzinga.com/money/best-bond-funds" target="_blank" rel="noreferrer noopener">Read more: Best Bond Funds in July 2023</a>
<h2 class="wp-block-heading">Chart: US IG Bonds Have Barely Recovered From 2022 Rout</h2>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="850" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101702/AGG_2023-07-05_16-16-49_33942-1024x850.png" alt="" class="wp-image-62594" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101702/AGG_2023-07-05_16-16-49_33942-1024x850.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101702/AGG_2023-07-05_16-16-49_33942-300x249.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101702/AGG_2023-07-05_16-16-49_33942-768x637.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101702/AGG_2023-07-05_16-16-49_33942.png 1482w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">As Yields Rise, Bond Bulls Become Even More Bullish</h2>
Despite the lackluster performance of the bond market in 2023, some of the largest bond managers, such as Brandywine Global Investment Management, Columbia Threadneedle Investments and Vanguard Group Inc., maintain a bullish view on the U.S. debt market.
These managers are confident that a strong fixed-income rally is on the horizon. They are hesitant to give up now&nbsp;that&nbsp;ultra-safe Treasury bills yielding around 5% represent an appealing opportunity today.
Roger Hallam, global head of rates at Vanguard Asset Management, recently said &#8220;the bonds-are-back narrative still holds,&#8221; adding that fixed-income assets offer &#8220;attractive coupons and ballast to a portfolio, and as you saw in March, if things go badly, bonds can rally a lot."
&#8220;For 2024, I put my chips on the market that the lagged effects of tightening means the Fed will cut," said Gene Tannuzzo, global head of fixed income at Columbia Threadneedle Investments. 
Yields on U.S. investment-grade corporate bonds are averaging around 5.6%, a significant increase from 2.3% at the start of 2022 and the low of 1.8% in 2021.
<h2 class="wp-block-heading">Chart: IG Bond Yields Surge To 5.6%, While 2-Year Treasury Yields Near 5%</h2>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="766" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101314/BAMLC0A0CMEY_2023-07-05_16-12-59_0ec21-1024x766.png" alt="" class="wp-image-62592" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101314/BAMLC0A0CMEY_2023-07-05_16-12-59_0ec21-1024x766.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101314/BAMLC0A0CMEY_2023-07-05_16-12-59_0ec21-300x224.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101314/BAMLC0A0CMEY_2023-07-05_16-12-59_0ec21-768x575.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101314/BAMLC0A0CMEY_2023-07-05_16-12-59_0ec21-1536x1149.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/05101314/BAMLC0A0CMEY_2023-07-05_16-12-59_0ec21.png 1644w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Photo via Pixabay.

Is the Bond Market Poised For Takeoff In The Second Half? US Aggregate Bond ETF Sees Record Inflows

The SPDR S&amp;P 500 ETF Trust (ARCA: SPY) experienced an outstanding $18.1 billion in net inflows in May, the greatest flow performance since December 2021, when the fund received $25.6 billion, according to Koyfin data.
The ETF is the world&#39;s biggest with approximately $400 billion in assets under management.
The influx into the largest ETF tracking the S&amp;P 500 index corresponded with a remarkable rise in AI-related stocks and the rising dominance of tech giants among the <a href="https://www.benzinga.com/quote/SPY/news" target="_blank">500 most capitalized U.S. firms</a>.&nbsp;
Tech Supremacy: The technology and communication services sectors account for around 37% of the total S&amp;P 500 index. Within this niche, the combined weight&nbsp;of five tech titans&nbsp;accounts&nbsp;for around 25% of the index:&nbsp;Apple&nbsp;Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) at 7.9%, Microsoft Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) at 7%, Alphabet Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) at 3.9%, Amazon.com,&nbsp;Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) at 3.1%, and NVIDIA Corporation&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) at 2.7%. An equally weighted portfolio made up of these five S&amp;P 500&nbsp;heavyweights would have gained 62% so far in 2023, compared to the 9.7% performance of the market.&nbsp;
As these stocks gathered speed and rose in relative weight, investors seized the opportunity to <a href="https://www.benzinga.com/topic/artificial-intelligence" target="_blank">profit from a potential AI boom.</a>
Other ETFs Flows To Know: The Invesco QQQ Trust Series 1&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>), the biggest ETF tracking the Nasdaq 100 index, witnessed $1.8 billion in net inflows last month, the best monthly performance so far in 2023.&nbsp;
<ul>
<li>The SPDR Dow Jones Industrial Average ETF Trust (ARCA: DIA) recorded $232 million in net inflows last month, following five consecutive months of outflows.&nbsp;</li>
<li>The SPDR Gold Trust&nbsp;(ARCA: GLD), printed $873 million in net inflows in May, the highest since March 2022.&nbsp;</li>
<li>Value-oriented ETFs had withdrawals, while growth-oriented ETFs saw inflows. The&nbsp;<a href="https://www.benzinga.com/money/vanguard-review/">Vanguard</a> Value Index Fund ETF (ARCA: VTV) witnessed $3.75 billion in outflows. The Vanguard Growth Fund ETF (ARCA: VUG) posted $1.5 billion in inflows.</li>
<li>Investors withdrew money from&nbsp;the Energy Select Sector SPDR Fund (ARCA: XLE) and&nbsp;the Financial Select Sector SPDR Fund (ARCA: XLF), which saw outflows of $1.6 billion and $2.4 billion, respectively.&nbsp;</li>
<li>Inflows were recorded&nbsp;by the Communication Services Select Sector SPDR Fund (ARCA: XLC) at $636 million&nbsp;and the&nbsp;Technology Select Sector SPDR Fund (ARCA: XLK) at $23.5 million.</li>
<li>Finally, iShares Core U.S. Aggregate Bond ETF (ARCA: AGG), the largest ETF tracking&nbsp;investment-grade U.S. bonds, had $3.2 billion in net inflows, the highest since February 2022 and the third largest monthly flow ever.&nbsp;</li>
</ul>
<table border="1" cellpadding="1" cellspacing="1" style="width:500px">
<thead>
<tr>
<th scope="col">ETF</th>
<th scope="col">AUM</th>
<th scope="col">Flows in May 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>SPDR S&amp;P 500 ETF Trust</td>
<td>$397bn</td>
<td>$18.1bn</td>
</tr>
<tr>
<td>iShares Core U.S. Aggregate Bond ETF</td>
<td>$91.1bn</td>
<td>$3.2bn</td>
</tr>
<tr>
<td>Invesco QQQ Trust</td>
<td>$189bn</td>
<td>$1.8bn</td>
</tr>
<tr>
<td>Vanguard Growth ETF</td>
<td>$86bn</td>
<td>$1.5bn</td>
</tr>
<tr>
<td>SPDR Gold Trust</td>
<td>$59.3bn</td>
<td>$0.87bn</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund</td>
<td>$12.3bn</td>
<td>$0.64bn</td>
</tr>
<tr>
<td>SPDR Dow Jones Industrial Average ETF Trust</td>
<td>$27.7bn</td>
<td>$0.23bn</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund</td>
<td>$47bn</td>
<td>$0.02bn</td>
</tr>
<tr>
<td>Energy Select Sector SPDR Fund</td>
<td>$33bn</td>
<td>-$1.6bn</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund</td>
<td>$28.6bn</td>
<td>-$2.4bn</td>
</tr>
<tr>
<td>Vanguard Value ETF</td>
<td>$94.5bn</td>
<td>-$3.8bn</td>
</tr>
</tbody>
</table>
Read now:&nbsp;<a href="https://www.benzinga.com/markets/penny-stocks/23/06/32672024/short-interest-sector-focus-consumer-cyclical-sector" target="_blank">Short Interest Sector Focus: Consumer Cyclical Sector</a>
Photo: Shutterstock
<ul>
</ul>
&nbsp;

SPDR Dow Jones Industrial Average ETF Trust

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