Education

Get expert insights with State Street Investment Management news, market updates, reports, and webinars for timely financial guidance.

US payroll slowdown tempers rate hike risk

Softer labor market eases Fed angst Even before the September employment data was released on Friday, downward revisions to the PCE price deflator helped alleviate the sense of urgency for an October Fed hike that had previously permeated the market. After the labor market update, the implied probability of an October hike fell to about 15%, meaning a hike at the next meeting would now be a...
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Market News

Fed likely to stay on hold through year-end

Fed likely to stay on hold through year-end

Aug 17, 2026

More reassuring inflation news One month never makes a trend, which is why June’s excellent inflation report had to be read primarily as relief after a stretch of elevated readings. Two months will...

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Labor weakness argues against Fed hikes

Labor weakness argues against Fed hikes

Aug 10, 2026

No pre-emption needed Last week we noted that the three dissents in favor of an immediate rate hike all implicitly viewed that hike as a pre-emptive move aimed to avoid larger/faster hikes down the...

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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 held a brief Q&A with State Street Investment Management’s Vice President, Portfolio Strategist Will Goldthwait to reflect on this week’s Federal Reserve meeting:

Post Fed Q&A September 2026

As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh Kitson had a brief Q&A with State Street Investment Management’s Vice President, Portfolio Strategist Will Goldthwait to...

Post Fed Q&A July 2026

As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh Kitson had a brief Q&A with State Street Investment Management’s Vice President, Portfolio Strategist Will Goldthwait to...

Post Fed Q&A June 2026

As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh Kitson had a brief Q&A with State Street Investment Management's Vice President, Portfolio Strategist Will Goldthwait...

Post Fed Q&A April 2026

As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh Kitson had a brief Q&A with State Street Investment Management's Vice President, Portfolio Strategist Will Goldthwait to...

Post Fed Q&A March 2026

As part of our initiative to bring timely market information to California public agencies, CalTRUST Chief Executive Officer Laura Labanieh Kitson had a brief Q&A with State Street Investment Management's Vice President, Portfolio Strategist Will Goldthwait to...

Speakers: Laura and Will

Webinars

Join CalTRUST and our team at State Street Investment Management (SSIM) for an educational webinar exploring two fundamental concepts—total return and net asset value (NAV)—and explaining how they work together to shape an investor’s experience. This session covers the key components of total return, including income, changes in bond prices, and the impact of interest rates and credit conditions. We'll also look at how NAV is calculated and why it can fluctuate even when a fund continues to generate regular income. Jump to any topic using the chapters below: 0:00 Introduction 2:45 CalTRUST Fund Overview and Cash Flow Framework 16:36 Amortized Cost vs Mark to Market Accounting 20:02 The components that contribute to total return 24:42 The relationship between bond prices, interest rates, income, and total return 31:11 How NAV is determined and why it changes over time 32:17 What are unrealized gains or losses and their implications 41:30 Why looking beyond income alone can provide a more complete picture of investment performance 43:24 Audience Q&A: Moving Money Between Funds Whether you’re new to variable NAV investing or looking to strengthen your understanding of portfolio performance, this session provides a concise, practical introduction to these essential concepts. We will include time for live questions and answers to further expand on the key concepts that are needed to understand and consider before making your investment decisions. As with all CalTRUST webinars, this will be offered at no cost to our CalTRUST shareholders and all potential CalTRUST shareholders. Continuing educational credit will also be provided. Subscribe for more educational content from CalTRUST.
Demystifying Net Asset Value & Total Return
June 22, 2026 - Coffee with CalTRUST welcomed State Street Investment Management's Chief Economist Simona Mocuta, Chief Macro Policy Strategist Elliot Hentov, and Portfolio Strategist Will Goldthwait for an insightful conversation on markets and monetary policy. The webinar opened with a CalTRUST 101 overview before diving into a broader discussion with our State Street guests. Topics covered included CalTRUST fund options and current positioning, a recap of the June FOMC meeting, and the market outlook for the second half of the year. CalTRUST is a public agency (JPA) established over 20 years ago by California public agencies to offer pooled investment solutions. Our local government investment pool offers three fund options designed to meet the liquidity and investment needs of California public agencies — whether you are an existing shareholder or exploring CalTRUST for the first time.
Coffee with CalTRUST & Market Update
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 September Federal Reserve meeting.
Market Update & Discussion
What is the FOMC and why does it matter? In this educational webinar, CalTRUST and State Street Investment Management break down the history and functionality of the Federal Open Market Committee (FOMC) — one of the most influential bodies in global finance. What you'll learn: - How and why the FOMC was formed - How the Federal Reserve operates and maintains its independence - What the Summary of Economic Projections (SEP) is and how the "dot plot" works - How FOMC decisions impact interest rates and the broader economy This session is designed for local government finance professionals, public treasurers, and anyone looking to deepen their understanding of U.S. monetary policy. CalTRUST | State Street Investment Management 🔔 Subscribe for more free educational content on local government investing, monetary policy, and public finance.
Demystifying the Fed: History & Functionality of the FOMC
Watch this Market Update Webinar featuring CalTRUST’s Investment Management team at State Street Investment Management (SSIM) as they break down what’s happening in today’s market, including key insights from the September Federal Reserve meeting.
September 22, 2025 - Market Update & Discussion
Watch this Market Update Webinar featuring CalTRUST’s Investment Management team at State Street Investment Management (SSIM) as they break down what’s happening in today’s market, including key insights from the July Federal Reserve meeting.
August 4, 2025 - Market Update & Discussion
June 23, 2025 - Watch this Market Update Webinar featuring CalTRUST’s Investment Management team at State Street Investment Management (SSIM) 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 Investment Management (SSIM) 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
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