Perspectives

A variety of timely topics and trends for today’s Cash Managers

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MONEY MARKET

January 2022

Summary of SEC's Money Market Reform Proposal

The US Securities and Exchange Commission proposed ambitious and sweeping money-market reforms in December. We provide a high-level summary of the potential reforms and revisions to Rule 2a-7.

MARKETS & ECONOMY

January 2022

Fed Thoughts: We Are Where We Are

In the spirit of holiday helpfulness, our latest Fed Thoughts fills in the space Chair Powell left out of his December remarks to the press: Where we are, what the Fed decided at its latest meeting, and what may go wrong.

MONEY MARKET

December 2021

3Q21 Money Market Credit Trends by Sector

The steady macroeconomic improvement over the course of 2021 in which most advanced global economies have either recovered or nearly recovered to pre-pandemic levels provided a favorable backdrop for issuers common to the short-term funding markets. Our views on the various sectors are included.

MARKETS & ECONOMY

November 2021

The Forgotten Secrets of the Hidden Temple

Will President Biden follow the script set in autumn 1979 or risk rocking the market boat? We explore precedents and presidents in the highly anticipated Fed chair appointment.

MONEY MARKET

November 2021

Dreyfus: The Lion's Share

We outline Dreyfus’ core values and commitment to clients—the foundation of our industry position as a trusted partner with a full suite of liquidity solutions to meet our clients’ unique financial challenges.

MARKETS & ECONOMY

November 2021

Fed Thoughts: Swipe Right or Left on Chair Powell?

The latest Federal Open Market Committee was short on surprises with the announcement of the gradual slowing of asset purchases. We turn toward the current decision of note—personnel.

MONEY MARKET

October 2021

Discover Dreyfus

Dreyfus is one of the largest, most trusted cash and liquidity managers in the industry. This brochure explores our robust investment experience, consistent investment process with integrated risk management, and transparent access to our team. Discover Dreyfus.

MONEY MARKET

September 2021

Dreyfus Government Securities Cash Management Fund – Making an IMPACT

Dreyfus Government Securities Cash Management Fund seeks to support firms that are committed to Diversity and Inclusion (D&I) seeking the best execution for the fund’s portfolio transactions.

MARKETS & ECONOMY

September 2021

Fed Thoughts: Highway to the Danger Zone

Our forecast is that the Fed will begin to trim back asset purchases this November or December in order to clear the deck of unconventional policy by mid-2022. This will allow Fed officials to begin hiking rates in early 2023, with the option of beginning a bit earlier if necessary. Vincent Reinhart, Chief Economist & Macro Strategist, shares his thoughts.

MARKETS & ECONOMY

September 2021

Here We Go Again: The Debt Ceiling

What is the likelihood that the Congress will fail to raise the debt ceiling? We review causes for worry and likely outcomes in the latest dramatic and costly standoff on Capitol Hill. Vincent Reinhart, Chief Economist & Macro Strategist, shares his thoughts.

MONEY MARKET

September 2021

Financial & ESG Factors Integration to help form sound investment decisions

Dreyfus Cash Investment Strategies (Dreyfus CIS) formally integrated environmental, social, and governance (ESG) considerations into its credit analysis process.

MARKETS & ECONOMY

August 2021

Fed Thoughts: The Potomac River Delta Gambler

The Federal Open Market Committee (FOMC) meeting is center stage. Fed Chair Jay Powell has been pressed to the wall as a succession of his colleagues up the ante on an early exit. Vincent Reinhart, Chief Economist & Macro Strategist, shares his thoughts.

MONEY MARKET

August 2021

BNY Mellon Investment Management provides a letter responding to the June 30 Financial Stability Board (FSB) consultation paper

BNYM IM shares thoughts on Enhancing Money Market Fund Resilience in a letter to the FSB.

MONEY MARKET

August 2021

Taxable Money Market Commentary

The economic rebound continued in July as nonfarm payrolls grew by a larger than expected 943,000 jobs following an upwardly revised gain of 938,000 in June.

MONEY MARKET

September 2021

Tax Exempt Money Market Commentary

The Federal Open Market Committee (FOMC) meeting held on July 28th continued the assumption that the Federal Reserve (Fed) is ready to begin slowing asset purchases.

MONEY MARKET

August 2021

Tax Exempt Money Market Commentary

The Federal Open Market Committee (FOMC) meeting held on July 28th continued the assumption that the Federal Reserve (Fed) is ready to being slowing asset purchases.

MONEY MARKET

June 2021

1Q21 Money Market Credit Trends by Sector

Credit conditions continued to improve during the first quarter of 2021 on the back of a global economic rebound that is well under way. The economic rebound has been fueled by massive support from global central banks in the form of very accommodative policy rate settings.

MONEY MARKET

April 2021

Will the Future of Money Market Funds Include Additional Reforms?

The piece focuses on the reasons behind the PWG creating the potential reform options for consideration, a summary of the ten options presented by the PWG and detail behind the three options that Dreyfus CIS supports.

MONEY MARKET

April 2021

Dreyfus CIS Files Comment Letter with the SEC

Dreyfus Cash Investment Strategies files letter with the SEC regarding the President’s Working Group Report on Money Market Fund Reform.

MONEY MARKET

January 2021

LIBOR to SOFR

This piece highlights why LIBOR is being replaced, details on the extension of LIBOR past its originally scheduled end date, the difference between LIBOR and SOFR, and some challenges using SOFR will present to money market funds....

MONEY MARKET

January 2021

3Q20 Money Market Credit Trends by Sector

After a tough second quarter, issuers across the financial and corporate spectrum displayed improved results during the third quarter of 2020, with moderate profitability still trending below pre-COVID pandemic levels

All investments involve risk including the possible loss of principal.

This material has been provided for informational purposes only and should not be construed as investment advice or a recommendation of any particular investment product, strategy, investment manager or account arrangement, and should not serve as a primary basis for investment decisions.

Prospective investors should consult a legal, tax or financial professional in order to determine whether any investment product, strategy or service is appropriate for their particular circumstances. Views expressed are those of the author stated and do not reflect views of other managers or the firm overall.

Views are current as of the date of this publication and subject to change.

The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.

CIS-182394-2021-04-12