Skip to main content

      More Results
        More Results

        From Sectors and Smart Beta to Fixed Income, SPDR Exchange Traded Funds (ETFs) give you wide access to diverse investment opportunities. Find out more.

        Okay

        Fiscal Policy Insights

        Fiscal (In)Stability

        Global debt has surged at an unprecedented pace since the onset of the pandemic, raising concerns around the fiscal sustainability of countries worldwide.

        What are the major implications this fiscal backdrop will have for economies and investors in the coming years? Learn from our investment experts.

        The Trends to Watch

        Video content has been blocked in accordance with your cookie settings. You can access this feature by accepting all cookies or adjusting your cookie settings below.

        Simona Mocuta
        Chief Economist

        Video (2:04 min)

        Fiscal Debt in Motion

        Peak Negative Yielding-Bonds $17trn

        in 2020

        Surging US Public Debt 52%

        increase since January 2020

        Projected US Fed Interest Cost 20%

        as a share of government revenues

        Global Hot Spots

        Debt Levels Across the Globe

        heat map

        Central Government Debt to GDP

        Central Government Debt

        Why Rising Fiscal Debt Matters

        Higher Debt Service Costs

        Higher interest costs reduce a government’s ability to make important public investments that can fuel economic growth areas such as education and infrastructure. A country saddled with debt will have less resources to invest for the future.

        Inflationary Pressure

        High and growing levels of public debt are likely to cause higher inflation as the increasing burden of debt and deficit financing raises political pressure to continue pursuing inflationary policy.

        Lower Growth

        Rising debt burdens can lead to less investment by businesses which results in curbing economic growth. Fiscal policy is expected to become a mild drag on economic performance over the medium term across many economies.

        Insights

        UK Autumn Budget Signals Fiscal Expansion

        The UK announced its Autumn Budget, pitting the political priorities of a new Labour government against narrow fiscal space. We examine what this means for markets and investors.

        November 15, 2024

        US Public Debt at Record High

        Since the start of the Pandemic in 2020, the US has added approximately $11 trillion of public debt to its balance sheet.

        November 8, 2024 3 min read

        France’s Fiscal Fragility Strains the Eurozone

        In the second article of our Focus on Fiscal series, we examine the challenges facing the euro area, and France in particular, and consider what this fiscal landscape in the euro area means for investors.

        November 6, 2024

        The Tidal Wave of Global Debt: Causes and Consequences

        Global debt has soared post-COVID, straining economies. Our Focus on Fiscal series explores its impact on growth, inflation, and investment risks worldwide.

        October 31, 2024

        Fixed Income Reimagined

        A changing world needs new innovative solutions. Learn how to strengthen your fixed income core.

        Learn More

        MARKETING COMMUNICATION

                                           

        FOR PROFESSIONAL INVESTORS USE ONLY.

         

        SSGA SPDR ETFS MAY NOT BE AVAILABLE OR SUITABLE FOR ALL. SPDR ETFs may be offered and sold only in those jurisdictions where authorised, in compliance with applicable regulations.

         

        Investing involves risk including the risk of loss of principal.

         

        ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

         

        The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors.  S&P®, SPDR®, S&P 500®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.

         

        The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor.

         

        The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

         

        All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.  There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

         

        This content has been issued by State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson’s Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300.

         

        FOR EUROPEAN SPDR ETFs and MANAGED FUNDS:

         

        Please refer to the Fund’s latest Key Information Document (KID) and Prospectus before making any final investment decision. The latest English version of the prospectus and the KID can be found at www.ssga.com/ch/en_gb/institutional/ic/fund-finder. A summary of investor rights can be found here:

         

        Managed Funds: https://www.ssga.com/library-content/products/fund-docs/summary-of-investor-rights/ssga-investors-rights-summary-non-etf-ireland.pdf

         

        SPDR ETFs: https://www.ssga.com/library-content/products/fund-docs/summary-of-investor-rights/ssga-spdr-investors-rights-summary.pdf

         

        Note that the Management Company may decide to terminate the arrangements made for marketing and proceed with de-notification in compliance with Article 93a of Directive 2009/65/EC.

         

        SPDR ETFs is the exchange traded funds ("ETF") platform of State Street Global Advisors and is comprised of funds that have been authorised by Central Bank of Ireland as open-ended UCITS investment companies.

         

        SSGA SPDR ETFs Europe I & SPDR ETFs Europe II plc issue SPDR ETFs, and is an open-ended investment company with variable capital having segregated liability between its sub-funds. The Company is organized as an Undertaking for Collective Investments in Transferable Securities (UCITS) under the laws of Ireland and authorized as a UCITS by the Central Bank of Ireland.

         

        FOR STRATEGIES:

         

        This document provides summary information regarding the Strategy. This document should be read in conjunction with the Strategy's Disclosure Document, which is available from SSGA. The Strategy Disclosure Document contains important information about the Strategy, including a description of a number of risks.

         

        The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

        4978691.4.1.EMEA.INST

        Exp: 30.06.2025 

        © [[]] %%State Street Corporation%%. All rights reserved.