Federal Reserve Chair Janet Yellens speech Friday was hawkish enough for Goldman Sachs to boost the odds of a September interest-rate increase, while Pimco said there was nothing of note in her remarks.
Weeks of conflicting economic reports have whipsawed money managers overseeing about $6 trillion, including Pimco and Vanguard Group.
A class of investors that includes foreign central banks and mutual funds bought a record amount at the $34 billion debt sale.
Far from signaling industry hardship, increasing liquidations reflect the ETF industrys ebullient growth.
The lawsuit highlights a friction that exists at financial-services firms that put employees into their own product.