Municipals were mostly firmer to kick off August, while U.S. Treasuries rallied out long and equities were in the red near the close. Muni-UST ratios on Monday were at 67% in five years, 84% in 10 years and 98% in 30 years, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five
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A handful of House Democrats who advocated for an increase in the state and local tax deduction cap appear ready to support the latest budget reconciliation bill that omits such provisions, dealing a blow to issuers who were proponents of SALT reform. The representatives may be the deciding votes for the package to pass through
Here’s a question for you: How long does it take for you to purchase a vehicle? Let’s say I am buying your favorite ice cream – something that doesn’t cost more than $5. Chances are, you take more time deciding to purchase a vehicle (compared to the ice cream), because it costs so much more.
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How does Rishi Sunak do it? He has to spend his summer not on a beach somewhere or in the company of his friends and family, but instead pressing the flesh among Conservative party members, knowing all the while that his chances of victory are slim. Still, he carries on, serving red meat to Tory
Senior Conservatives have urged the party’s two leadership candidates to commit to implementing the “levelling up” agenda that helped secure UK prime minister Boris Johnson a landslide election win in 2019, as new polling finds it more popular with prospective Tory voters than Brexit. The co-author of the party’s last manifesto and former ministers have
Monetary policy has a more significant impact on spending of U.S. households headed by white women than on those led by white men or Black men and women, the Federal Reserve Bank of San Francisco said. White households overall in the three years after an unexpected rate hike, Aina Puig, a research scholar with the
Nancy Pelosi has embarked on a tour of East Asia that officials signalled on Monday was likely to include a stopover in Taiwan, the first by a US House Speaker for 25 years. China warned that its military will “not sit idly by” if the visit goes ahead to the self-ruled island that Beijing claims
Janney Montgomery Scott LLC has hired Citi’s Alice Cheng to replace Erin Ortiz, who has moved into a new role for the firm’s Higher Education & Not-for-Profit Advisory Group. The advisory group is tasked with providing insights regarding capital and debt planning and management, credit analysis and strategy to higher education and non-for-profit institutions. In
A former broker and investment advisor has been suspended by the Financial Industry Regulatory Authority for violating MSRB Rule G-8 on recordkeeping as a result of failing to identify the intended beneficiaries of multiple 529 or education expense plan accounts. Wayne Von Borstel has agreed to a deferred $5,000 civil and administrative fine and is
Nancy Pelosi, Speaker of the US House of Representatives, plans to meet Taiwan’s president Tsai Ing-wen on Wednesday, in a controversial visit that has triggered concern about a possible military response from China. Three people familiar with the situation said Pelosi would meet Tsai in Taipei as part of a wider visit to Asia. Pelosi
As a new school year looms for students, Texas is once again giving parents and guardians a break by suspending sales taxes on apparel and school supplies particularly at a time inflation is hammering household budgets and its coffers are overflowing with cash. The three-day tax holiday — an annual event in the Lone Star
When an event provokes a public response from the Queen, the prime minister and the Spice Girls, questions about cut-through and relevance are quickly dispelled. The Queen described England’s Euro 2022 win on Sunday night as “an example that will be an inspiration for girls and women today, and for future generations”, Boris Johnson called
The writer is an FT contributing editor I had hoped never again to write about the lawnmower directive. Sad to say, three decades after the EU set a common standard for motorised grass-cutters and six years after the Brexit vote, Tory Eurosceptics have still not grasped that Britain cannot simply play the international game by
The writer is the FT’s architecture and design critic The first renderings of the new Saudi city of Neom were released last week, depicting a gleaming, mirrored, trillion-dollar channel slicing through the Tabuk desert. Intended to house 9mn residents over a length of 170km, according to the website, no one could accuse it of a
Federal Reserve Bank of Minneapolis President Neel Kashkari said the central bank is committed to doing what’s necessary to bring down demand in order to reach policy makers’ 2% long-term inflation goal, a target that remains far off. “We are committed to bringing inflation down and we’re going to do what we need to do,”
A former senior aide to Russian president Vladimir Putin is in hospital in Italy after being diagnosed with a rare neurological disorder, according to two people familiar with the matter. Anatoly Chubais, who quit his job as the Kremlin’s climate envoy in March shortly after Russia invaded Ukraine, was hospitalised over the weekend in Olbia,
A grain shipment has left the port of Odesa for the first time in months, in a crucial test of a deal between Russia and Ukraine intended to alleviate soaring global food prices. The Sierra Leone-flagged Razoni, carrying 26,000 tonnes of Ukrainian corn, left the Black Sea Port at 9:48am local time, the ministry of
Unsatisfied with an 80% market share in the home generator business, CEO Aaron Jagdfeld has big ideas for home microgrids. In 2008, things were looking grim for Generac. The 49-year-old firm, which makes natural-gas-powered backup generators, had been acquired a couple of years earlier by CCMP Capital, a New York City private equity shop. To
European shares and US stock futures kicked off the month on a lacklustre note, as disappointing Chinese factory data muddled the economic outlook. Following a rebound for beaten-down global equities in July, as markets responded to an economic slowdown by anticipating that high rates of inflation would ease, Europe’s regional Stoxx 600 share index edged