Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. This week’s rally in global bond markets has shattered investors’ months-long assumption that interest rates in the US and elsewhere will remain higher for longer. The benchmark 10-year US Treasury yield, seen as a proxy
Month: December 2023
In this article TRMB Follow your favorite stocksCREATE FREE ACCOUNT Visoot Uthairam | Moment | Getty Images Company: Trimble (TRMB) Trimble is a provider of technology solutions that enables professionals and field mobile workers to improve or transform their work processes. It operates through four segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation.
The Federal Reserve announced it will leave interest rates unchanged Wednesday, in a move that many believe will conclude the central bank’s rate hike cycle and set the stage for rate cuts in the year ahead. The Fed has raised interest rates 11 times since March 2022 — the fastest pace of tightening since the early 1980s. The
A tough year for Wall Street municipal underwriting firms culminated Thursday with Citigroup’s announcement it would exit the business, a stunning move that market participants warned would raise state and city financing costs and that Citi would come to regret as headwinds calm and business rebounds. “It’s a major disappointment,” said Matt Fabian, a partner
S&P Global Ratings revised California’s rating outlook to stable from positive Friday, citing the state’s projected $68 billion multi-year deficit, revenue uncertainties and economic conditions. The state holds ratings of AA-minus from S&P, AA from Fitch Ratings and Aa2 from Moody’s Investors Service. The state also has a stable outlook from Fitch. Moody’s revised the
This article is an onsite version of our Europe Express newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday and Saturday morning A “remarkable strategic own goal by us” — that’s how Jake Sullivan, President Joe Biden’s national security adviser, this week described the risk of a lapse in
Noel Hendrickson/Getty Images After a year full of record-high interest rates and home prices, experts say there are signs of improvement for the housing market in 2024. In December, the average mortgage rates dropped below 7% for the first time since August and after an 8% peak in October, which pushed housing costs to the
Municipals closed out the week firmer, boosted by Fed policy decisions and yearend positioning ahead of a fading new-issue calendar, while U.S. Treasuries traded in a narrow range all session and equities ended mixed. Triple-A yields fell up to five basis points Friday while USTs were mixed. Munis still underperformed taxables on the week, but
Puerto Rico Electric Power Authority bond parties presented the court with written expert testimony supporting their claim the Oversight Board’s proposed plan of adjustment assumptions underestimate Puerto Rico’s economic future and overestimate PREPA’s future expenses. The testimony could impact U.S. District Court Judge Laura Taylor Swain’s ruling on the plan, according to an attorney not
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. EU leaders gathering in Brussels have vowed to find a way to support Ukraine after Hungary’s Viktor Orbán vetoed a €50bn lifeline for the war-torn country. Estonia’s Prime Minister Kaja Kallas said that “Ukraine will
KTSDesign | Science Photo Library | Getty Images It’s arguably the biggest stock story of 2023: a small number of giant technology companies now make up a very large part of big indexes like the S&P 500 and the Nasdaq-100. Five companies (Apple, Microsoft, Amazon, Nvidia, and Alphabet) make up about 25% of the S&P 500. Six
The Spanish town of Marbella, on the country’s south coast, is popular among overseas buyers. Artur Debat | Moment | Getty Images There are three European countries that are “perennial favorites” for people to buy a vacation home, according to Kate Everett-Allen, a partner at real estate firm Knight Frank. France, Italy and Spain all
Citigroup will close its municipal division by the end of the first quarter of 2024, leaving behind a historic tenure in a market it once dominated in both underwriting and secondary market-making. The firm decided to “wind down our municipal underwriting and market-making activities” after a “broad-based review” of its muni business, according to a
Federal highway officials Wednesday defended the seemingly slow rollout of a high-profile federally funded program to create a national network of electric vehicle chargers. Ohio last week opened what is so far the nation’s first — and only — electric vehicle charging station funded through the 2021 Infrastructure Investment and Jobs Act. New York is
Stay informed with free updates Simply sign up to the UK interest rates myFT Digest — delivered directly to your inbox. The Bank of England kept rates steady at 5.25 per cent on Thursday as governor Andrew Bailey warned there was “still some way to go” before inflation hit its target. The BoE’s Monetary Policy
A view of clouds over Manhattan skyline in New York, United States on August 08, 2023. (Photo by Fatih Aktas/Anadolu Agency via Getty Images) Anadolu Agency | Anadolu Agency | Getty Images Manhattan rents fell for the first time in over two years, as the supply of empty apartments grew and renters held out for
Triple-A municipal bond yields fell a few basis points Wednesday following the Federal Reserve’s decision to hold rates and signal that only three rate cuts were likely in 2024, which sent U.S. Treasury yields plummeting down more than a quarter point on the short end while equities rallied and the Dow Jones Industrial Average closed
Puerto Rico Electric Power Authority bond parties argued in appeals court briefs that their trust agreement clearly gives them a lien on incoming revenues and supports their claim for the $8.5 billion pre-bankruptcy principal rather than the $2.4 billion set by a lower court judge. The parties argued about the language needed to establish a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK economy unexpectedly contracted in October, driven by falls in every sector and fuelling concerns that high interest rates could push the country into a downturn. Gross domestic product fell 0.3 per cent between
In this article HPQ BRK.A Follow your favorite stocksCREATE FREE ACCOUNT Warren Buffett tours the floor ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska. David A. Grogan | CNBC Warren Buffett’s conglomerate Berkshire Hathaway has reduced its stake in HP to 5.2%, according to a regulatory filing released Monday night. The conglomerate previously had a nine-day
The East China headquarters of Country Garden is being shown in Zhenjiang, Jiangsu Province, China, on October 10, 2023. Nurphoto | Nurphoto | Getty Images Embattled Chinese real estate developer Country Garden may avoid a default on its yuan-denominated bonds after most holders of a local note agreed not to demand repayment this week, according to Bloomberg
Municipals were mostly steady to a touch softer in secondary trading while newly upgraded gilt-edged Ohio upsized its general obligation refunding deal and repriced to lower yields. U.S. Treasuries improved on the day following cooler inflation data that many participants said would not move the needle on the Federal Reserve’s rates decision Wednesday. Triple-A yields
Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription:Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Keeley Webster (00:04):Hello, I am Keeley Webster. Welcome to another Bond Buyer podcast. The Governors of
Stay informed with free updates Simply sign up to the US inflation myFT Digest — delivered directly to your inbox. US inflation edged lower to 3.1 per cent for November, bolstering arguments by Federal Reserve officials that interest rates should remain at current levels during the spring. The headline consumer price index figure fell marginally
In this article BLK Follow your favorite stocksCREATE FREE ACCOUNT Wind turbine blades rotate in the tidal flat in Yancheng city, Jiangsu province, China, November 18, 2023. Nurphoto | Nurphoto | Getty Images Top global asset managers including BlackRock are among investors in an Asia-focused infrastructure private equity fund that raised $800 million, underscoring growing
Michael Milken attends Prostate Cancer Foundation’s Dinner At Daniel on November 19, 2019 at Daniel in New York City. Paul Bruinooge | Patrick McMullan | Getty Images Famed investor Michael Milken expects the Federal Reserve will move slowly on monetary policy — if history is any guide. In fact, the Milken Institute founder expects the
The Federal Reserve is expected to announce it will leave rates unchanged at the end of its two-day meeting this week after recent signs the economy is in fairly good shape and as inflation continues to drift lower. “While there’s been talk about an imminent recession going back to early last year, the U.S. economy has
Bondholders and other parties involved in the Puerto Rico Electric Power Authority bankruptcy returned to court Friday in an effort to move the needle on their opposing cases seeking better repayment terms. Bond parties defended their adversary complaint against Puerto Rico’s central government’s actions regarding PREPA since the central government emerged from bankruptcy in March
Ohio Treasurer Robert Sprague, Illinois Treasurer Michael Frerichs, Pennsylvania Treasurer Stacy Garrity, Oklahoma Treasurer Todd Russ and Palm Beach County Clerk and Comptroller Joseph Abruzzo have joined Israel Bonds’ new Government, Industry and Financial Services Leadership Board. “If Hamas stopped fighting today, there would be no more war. If Israel stops fighting, there will be
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A draft agreement from the UN’s COP28 climate summit has dropped references to the phase out of fossil fuels after opposition from oil and gas-producing countries led by Saudi Arabia. The document — which will