S&P Global Ratings on Wednesday upgraded its long-term rating on Detroit’s unlimited-tax general obligation debt to investment grade, raising it to BBB from BB-plus. The outlook is stable. The rating agency said the change reflected a stronger financial position and its “increased confidence in the city’s ability to sustain balance within the construct of its
US Federal Reserve Chair Jerome Powell attends a “Fed Listens” event in Washington, DC, on October 4, 2019. Eric Baradat | AFP | Getty Images A hotter-than-expected consumer price index reading rattled markets Wednesday, but markets are buzzing about an even more specific prices gauge contained within the data — the so-called supercore inflation reading.
Inflation has started to show signs of easing from the multi-decade highs reached in many countries following Russia’s full-scale invasion of Ukraine. The latest figures for most of the world’s largest economies still make for worrying reading, with price pressures remaining high as the war in Ukraine continues to keep energy and food prices elevated.
Westend61 | Westend61 | Getty Images It’s unclear when the Federal Reserve could begin cutting interest rates, but many homeowners who took out a mortgage in recent years — as rates hovered between 6% and 7%, and even touched 8% — are paying attention for opportunities to refinance. Thanks to those high mortgage interest rates,
Two San Francisco public finance attorneys, who worked on one of healthcare’s largest public finance deals at their previous firm, have been hired by Chapman and Cutler LLP. Mary Kimura joined the law firm on March 28 as a partner, while Michele Dulik, started Monday as senior counsel. Both will work in the firm’s San
Big investors are selling US Treasuries and buying European government bonds, betting that cooler inflation in Europe will allow its central bank to start cutting interest rates sooner than the Federal Reserve. Money managers at Pimco, JPMorgan Asset Management and T Rowe Price have all increased their exposure to European government debt in recent weeks.
Munis were a touch firmer in spots Tuesday as the primary market ramped up and investors awaited Wednesday’s inflation report to give further guidance on Fed rate cuts. U.S. Treasuries were firmer and equities were mixed at the close. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 64%, the five-year at 61%,
Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. OpenAI and Meta are on the brink of releasing new artificial intelligence models that they say will be capable of reasoning and planning, key steps towards achieving superhuman cognition in machines. This week, executives at
In this article RDFN Follow your favorite stocksCREATE FREE ACCOUNT Comstock Images | Stockbyte | Getty Images It’s not unusual for new homeowners to face financial surprises, but people buying a newly built home may be more likely to encounter sticker shock on a key expense. Almost 75% of recent homebuyers had regrets about their
Bond parties who oppose the proposed Puerto Rico Electric Power Authority plan of adjustment are trying to bar a key document from Puerto Rico’s Fiscal Agency and Financial Advisory Authority, which could greatly undermine FAFAA’s influence in the bankruptcy’s final phase. Non-consenting bondholders said FAFAA didn’t file a pre-plan of adjustment hearing findings of fact
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Labour will on Tuesday propose to toughen a planned crackdown on tax perks enjoyed by “non-doms” living in the UK, alongside a wider effort to tighten compliance, as the party seeks to plug a hole
Municipals were steady to slightly weaker in spots Monday ahead of a rebound in issuance that tops $8.5 billion. U.S. Treasuries were weaker and equities were up. Triple-A yield curves saw yields rise up to three basis points, depending on the scale, further softening ahead of a growing new-issue slate and the last week before
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US, UK and Australia on Monday said they were considering working with Japan on advanced technology projects in the trilateral Aukus security pact aimed at boosting deterrence against China. The Aukus defence ministers said
Seattle Mayor Bruce Harrell proposed the city’s largest property tax historically: an eight-year, $1.35 billion levy to pay for bridge, street and sidewalk projects. The Transportation Levy Proposal would replace and extend the $930 million nine-year Move Seattle levy, approved by voters in 2015, which expires this year. The current levy provides roughly 30% of
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. The US has warned of “significant consequences” if Chinese companies provide support for Moscow’s war against Ukraine in one of the sharpest messages it has yet delivered to Beijing. Following discussions in Guangzhou on
The first quarter of the year saw the highest number of new municipal bond impairments since the Great Recession, according to Municipal Market Analytics, Inc. There were 47 new impairments eclipsing the previous post-Great Recession peak of 44 in 2019, the firm said in its Default Trends report released Wednesday. The first quarter’s impairments “continue
In this article SLB WMT OMF Follow your favorite stocksCREATE FREE ACCOUNT A Walmart Supercenter cart sits outside of the store on February 20, 2024, in Hallandale Beach, Florida. Joe Raedle | Getty Images When markets get rocky, dividend-paying stocks can give investors’ portfolios the cushioning they need to ride out volatile times. Finding the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. President Joe Biden will warn China about its increasingly aggressive activity in the South China Sea this week during summits with Japanese Prime Minister Fumio Kishida and Philippines President Ferdinand Marcos Jr. Two senior US
The Department of Transportation and Baltimore County have reached an agreement to divert a previously awarded DOT grant to help nearby ports accommodate more cargo following the collapse of the Francis Scott Key Bridge. That comes along with the announcement Thursday that DOT’s Federal Transit Administration will allocate $20.5 billion to state and local government
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US, UK and Australia are to begin talks on bringing new members into Aukus as Washington pushes for Japan to be involved in the security pact aimed as a deterrent against China. The Aukus
Miami-Dade County, Florida, Mayor Daniella Levine Cava has dropped plans for a proposed a $2.5 billion municipal bond referendum in November that would have funded infrastructure projects. Instead, the mayor said Thursday she will work to propose an even larger bonding plan that will include money for transit projects. Proceeds from the “305 Future Ready”
In this article TWLO Follow your favorite stocksCREATE FREE ACCOUNT Jakub Porzycki | Nurphoto | Getty Images Company: Twilio (TWLO) Business: Twilio is a software and communications solutions company. It operates a cloud communications platform that enables developers to build, scale and handle customer engagement within software applications. Stock Market Value: $10.94B ($60.08 per share)
The Spring housing market is defying expectations that prices would cool and competition would ease. Higher mortgage rates usually cool both prices and demand, as they did last year, but that’s not the case now. There are still too few homes for sale because current homeowners can’t afford to move, and it’s keeping prices high.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Joe Biden has almost $100mn more in his election war chest than Donald Trump, the president’s campaign has said, giving him a big money lead over his rival seven months ahead of the election. Biden
Following another better-than-expected jobs report, U.S. Treasuries sold off and were volatile throughout the session leading municipals to see a weaker, but more muted tone than their taxable counterparts. Equities rallied. The March employment report sent “the bond market in panic mode over Fed cuts being delayed,” according to Bryce Doty, senior portfolio manager/vice president at
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. It was a grim irony that as new questions were swirling over the future of debt-laden Thames Water — Britain’s largest water utility — this weekend, the annual Oxford-Cambridge Boat Race had to go ahead
California lawmakers fine-tuned their March budget proposal, cutting spending by $17.3 billion ahead of formal discussions to get a head start on difficult decisions amid a record deficit. Gov. Gavin Newsom, Senate President Pro Tempore Mike McGuire and Assembly Speaker Robert Rivas announced they reached an agreement Thursday, providing specifics about how they plan to
Alexander Spatari | Moment | Getty Images The Biden administration moved this week to limit how much rent can rise in certain affordable housing units across the country. While some housing experts criticized the move, tenant advocates said the new rule, which will cap rent increases at 10%, will help people to stay in their
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Thames Water’s parent company has sent a formal notice to bondholders informing them that it has defaulted on its debt, firing the starting gun on a potentially messy restructuring at the owner of Britain’s largest
In a ceremony watched by thousands of issuers, the White House Thursday unveiled an overhaul of how it sends billions of federal funds to cities, states and nonprofits in an effort to cut red tape, expand the pool of grant recipients and simplify reporting and compliance. “The changes being finalized and announced today are historic
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