Education

Get expert insights with SSGA news, market updates, reports, and webinars for timely financial guidance.

July rate cut unlikely

Stronger US jobs data dims July rate cut hopes. It is turning into a bit of a pattern: a payroll report that bests expectations on headline, but with weak details. This was certainly the case in May, when solid employment gains during that month were accompanied by a...
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CalTRUST Update

Post Federal Reserve Meeting Q&A

As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh had a brief Q&A with State Street Global Advisors’ Vice President, Portfolio Strategist Will Goldthwait to reflect on this week’s Federal Reserve meeting:

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Market News

Mixed Signals in Latest Data

Mixed Signals in Latest Data

Jun 2, 2025

Unsurprisingly, US macro data continues to send mixed messages. Consumer sentiment improved following tariff relief, but personal spending cooled as consumers took a break following a torrid...

Housing Market Faces Tepid Spring

Housing Market Faces Tepid Spring

May 27, 2025

It has been clear for a while that the 2025 spring home buying season was going to be rather uninspiring. Additional data this week confirmed this assessment. Admittedly, new home sales surprised...

Temporary Rise in US Inflation Ahead

Temporary Rise in US Inflation Ahead

May 19, 2025

Both overall and core (excluding food and energy) consumer prices rose by 0.2% MoM. This allowed the headline inflation rate to ease to 2.3% YoY, while the core inflation rate remained unchanged at...

Next Fed Cut Could Be in July, Not June
Next Fed Cut Could Be in July, Not June

May 12, 2025

We maintain our call for three cuts this year—75 bp worth of cuts—but we have pushed the first cut from June to July. Fed Is Attentively on Hold Sometimes, when things are just too complicated, the decision becomes simpler: do nothing, wait. That's where the Fed is...

Big Distortions in Q1 GDP
Big Distortions in Q1 GDP

May 5, 2025

The US economy contracted at a 0.3% seasonally adjusted annualized (saar) pace in the first quarter, the first such decline since the start of 2022. Given the massive crosscurrents at play, the outcome was impressively close to consensus expectations (-0.2% saar). It...

Webinars

June 23, 2025 - Watch this Market Update Webinar featuring CalTRUST’s Investment Management team at State Street Global Advisors (SSGA) as they break down what’s happening in today’s market, including key insights from the June Federal Reserve meeting.
Market Update & Discussion
May 9, 2025 - Market Update Webinar featuring CalTRUST’s Investment Management team at State Street Global Advisors (SSGA) as they break down what’s happening in today’s market, including key insights from the May Federal Reserve meeting.
Market Update & Discussion
Looking to learn more about CalTRUST and how it can support your agency’s investment needs? CalTRUST is a Joint Powers Authority (JPA) created by and for California public agencies to offer flexible pooled investment solutions. In this webinar, we covered: ✔ CalTRUST 101 – Our history, structure, and key features ✔ Fund Options & Current Positioning – Tailored solutions for liquidity and investment needs ✔ Market Update – Insights from State Street Global Advisors This session is perfect for both existing shareholders and agencies exploring CalTRUST for the first time. If you missed the live event, watch now to gain valuable insights!
Coffee with CalTrust
The year is coming to an end! We've gotten through the election and the last Fed Meeting of the year but what does all this mean now?! Please join us for a post-election reflection with State Street Global Advisors Head of Macro Policy Research, Elliot Hentov, in discussion with CalTRUST CEO Laura Labanieh and SSGA VP Portfolio Strategist Will Goldthwait, as Elliot reflects on the implications of the election outcomes and the Fed's final meeting of the year.
Post-Election Reflection
Join CalTRUST CEO Laura Labanieh and State Street Global Advisors VP Portfolio Strategist Will Goldthwait for an insightful discussion on investment options beyond traditional bank deposits. In this webinar, you’ll learn how to: ✅ Define and understand money market funds and liquidity pools, ✅ Explore available investment options, ✅ Ask the right questions before investing, ✅ Identify eligible purchases and investments, ✅ Measure and manage risk effectively, and ✅ Recognize transparency and accountability standards for managers.
Demystifying LGIPs and Liquidity Tools
October 15, 2024 - CalTrust Virtual Shareholder Summit (Part 1). CalTRUST CEO Laura Labanieh will be joined by some of the premier thought leaders from State Street Global Advisors (SSGA) for timely updates and opinions on what is going on in the investing world. --------------------------------------------------------------------------------------------------------- Chapters: 0:00 - Introduction 1:48 - Economic Update 2:29 - The Economy 5:41 - Job Market 10:40 - Fed cuts 5:41 - Job Market 10:40 - Fed cuts 14:51 - Summary of Economic Projections 16:25 - Market Dynamics 18:47 - Inflation 24:40 - Housing 27:20 - Revisions to Data 31:00 - Productivity 37:02 - Home Owners Insurance 39:59 - QA: How does disinflation affect housing prices? 42:52 - Markets 45:43 - CalTrust Liquidity Pool 47:11 - Positioning the Short and Medium Term Funds 50:06 - Geopolitical Impact on the Markets 51:46 - QA: Gold? 55:27 - Quantitative Tightening 1:03:06 - QT and Liquidity Pool Take Away 1:07:16 - Final thoughts on the Market 1:10:19 - Elections 1:14:15 - Fiscal 1:21:29 - Tariffs 1:26:59 - Reciprocal Tariffs 1:31:03 - QA: Are trade deficits Inflationary? 1:34:24 - QA: Positioning based on insights on polls 1:42:34 - Global geopolitics and its potential impact on the U.S.? --------------------------------------------------------------------------------------------------------- Speakers Laura Labanieh, CalTrust CEO Economic Update Simona Mocuta, SSGA Chief Economist CalTRUST Fund Positioning Will Goldthwait, SSGA VP Portfolio Strategist Jim Palmieri, SSGA Senior Portfolio Manager Political Pulse – Upcoming Election & Potential Market Impacts Elliot Hentov, SSGA Head of Macro Policy Research
CalTrust Virtual Shareholder Summit (Part 1)
Join us for the second webinar in our "Demystifying" series: an educational session on the various “Yields” commonly reported in our investment space. Learn the key components of different yields, which are more applicable to stable or floating net-asset-value investments, and how to explain them to your stakeholders. We will take the “yields” most commonly seen on investment reports and clarify how each is defined and how they differ from one another.
Demystifying Yield: Defining Various Yield Terminology
Explore an educational webinar that delves into our three distinct investment options: Liquidity, Short-Term, and Medium-Term funds. Discover fundamental analysis techniques applicable to CalTRUST and beyond. We'll address common questions, including the rationale behind stable vs. floating net asset values (NAVs) and their implications on investments. Gain insights into the significance of attributes like price, yield, duration, maturity, credit quality, and diversification in a floating NAV environment. Uncover key considerations for evaluating potential returns and implications of unrealized capital gains or losses on investment portfolios. Enhance your understanding for informed decision-making.
Demystifying Net Asset Value Considerations
CalTRUST Welcomes State Street Global Advisors
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