Despite the pressure on U.S. Treasuries this week following the Federal Reserve’s 50 basis point rate cut, municipals closed out the week on track to post positive returns for the fourth consecutive month, the first time since 2021. Triple-A municipal yield curves were lightly traded and little changed while Treasuries saw small improvements for the
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Federal Reserve Board Governor Michelle Bowman.Julia Nikhinson/Bloomberg The Federal Reserve cited slower price growth and a softer labor market in its decision to lower interest rates by a half percentage point this week, but one policymaker sees those trends differently. Fed Gov. Michelle Bowman voted against the decision Wednesday, noting that she would have preferred
The death knell isn’t ringing for the tax exemption on municipal bonds, according to a panel at the National Association of Bond Lawyers conference, at least not yet — although the panel suggested the industry remind lawmakers of the role bonds play in their communities. The exemption remains an issue as policymakers will need to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Nike chief executive John Donahoe will retire next month in an abrupt leadership change punctuating a period of dour financial performance at the world’s largest sportswear maker. Nike’s board of directors said on Thursday that
The municipal-bond market’s largest high-yield fund is poised to offload its biggest position — equity shares of a power company called Vistra Vision LLC. Nuveen LLC has reached an agreement to sell its 11% stake in Vistra Vision to Vistra Corp., in a deal expected to close in December, according to statement late Wednesday. The
Street scene in Old Bond Street, Mayfair, London, United Kingdom. Pawel Libera | The Image Bank | Getty Images LONDON — Monaco, Italy, Switzerland, Dubai. They’re just a few of the destinations trying to lure away the U.K.’s uber wealthy ahead of proposed changes to the country’s divisive non-dom tax regime. Almost two-thirds (63%) of
Mercedes-Benz lowered its full-year earnings outlook, blaming the weaker projections on China’s worsening macroeconomic conditions. The company on Thursday said its car division now anticipated the return on sales to be in the range of 7.5 per cent to 8.5 per cent, down from its previous expectation of 10 per cent to 11 per cent.
Municipals were steady to weaker in spots Thursday, as U.S. Treasury yields rose five years and out and equities rallied. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 66%, the five-year at 66%, the 10-year at 70% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read.
Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors. That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark,
Moyo Studio | E+ | Getty Images The Federal Reserve announced a half percentage point, or 50 basis points, interest rate cut at the end of its two-day meeting Wednesday. And, naturally, some Americans will want to make the most of the central bank’s first rate cut since the early days of the Covid pandemic.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Bank of England has held interest rates at 5 per cent after inflation remained steady in August, but indicated it may lower borrowing costs again as soon as November. The Monetary Policy Committee’s eight-to-one
As extreme weather becomes more common and the federal deficit hits new records, the onus will be on state and local governments to finance the future of resilient infrastructure. The good news is they have plenty of capacity to take on the debt and retail investors are clamoring for the paper. That’s the view of
The Empire State Development Corp. is set to sell $335.7 million of state sales tax revenue bonds on Thursday. The competitive deal is the only sizable offering from a New York state issuer on this week’s calendar, a contrast to the billion-dollar deals the state’s issuers have sold in recent months. It was a week
Andresr | E+ | Getty Images The Federal Reserve is poised to make its first interest rate cut in years on Wednesday. But homeowners shouldn’t bet on the move as an opportunity to immediately refinance their mortgage. That’s because “a lot of these rate cuts are already priced in,” Chen Zhao, the economic research lead
Chris Wattie | Reuters The Federal Reserve announced Wednesday it will lower its benchmark rate bya half percentage point, or 50 basis points, paving the way for relief from the high borrowing costs that have hit consumers particularly hard. The federal funds rate, which is set by the U.S. central bank, is the interest rate
“When we get it right, it gets more money back to the schools and communities we all live in. If you can save them some money, it can mean available funds to hire another teacher or fire fighter. When we do our best work, we make people’s lives better,” Jennifer Arndt said. Title: DirectorFirm: Masterson AdvisorsAge: 39
Steven Cohen, Chairman and CEO of Point72 Asset Management and majority owner of the New York Mets, attends a news conference at Citi Field, the home stadium of MLB’s New York Mets, which is being used for coronavirus disease (COVID-19) vaccination site, in Queens, New York, February 10, 2021. Brendan McDermid | Reuters Billionaire investor
Municipals were steady to slightly firmer in spots with several large new-issues pricing in the primary as U.S. Treasury yields fell and equities were mixed as market participants await the FOMC rate decision Wednesday. “It’s all but a sure thing that the Fed will cut this week, but by how much is still up for
In this article BLCO-CA BHC-CA Follow your favorite stocksCREATE FREE ACCOUNT CHICAGO, ILLINOIS – MAY 05: Bausch + Lomb eye vitamins are offered for sale at a drug store on May 05, 2022 in Chicago, Illinois. Bausch + Lomb parent company Bausch Health is spinning off the eye-care company with an upcoming IPO which will
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Pagers belonging to Hizbollah members exploded across Lebanon on Tuesday, the militant group said, killing at least eight people and injuring more than 2,700 in an apparent sabotage of the low-tech systems it uses to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The pursuit of better growth, the purpose of technology, the economy of tribal instincts and improving longevity are among the topics tackled by the six finalists for the 20th Financial Times and Schroders Business Book
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