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Municipals rallied hard Thursday following another day of U.S. Treasury market gains while equities closed the session up as investors contemplate the end of Fed rate hikes. Triple-A yields fell 10 to 14 basis points while UST saw gains of up to 16bps out long. These were the largest gains the muni market has seen
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Stay informed with free updates Simply sign up to the US interest rates myFT Digest — delivered directly to your inbox. The Federal Reserve held interest rates at a 22-year high on Wednesday but kept open the possibility of additional monetary tightening amid mounting evidence the US economy remains strong. The meeting is the second
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Municipals were firmer Wednesday but underperformed a U.S. Treasury rally after the Fed held rates steady. Equities rallied as well. The municipal market was up “a touch” after the Fed announced it would keep rates unchanged at their November meeting, according to Michael Pietronico, chief executive officer at Miller Tabak Asset Management. Commenting on the
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As nations make progress in promoting the expansion of the artificial intelligence sector, market data from Santiment indicates an uptick in conversations among investors and traders regarding the potential of real-world assets and artificial intelligence. At the same time, discussions concerning cryptocurrency prices have waned due to market volatility and stabilization, although there is now
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Municipal bond delinquencies declined in the third quarter, despite some dramatic outliers including Mercy Hospital’s bankruptcy filing in Iowa, and some unrated affordable housing and senior living bonds, Moody’s Investors Service said. There were only three new municipal bond defaults in the third quarter, compared to nine in the second quarter, Moody’s analysts wrote. Two
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Russia has restricted western companies selling their Russian assets from withdrawing the proceeds in dollars and euros, imposing additional de facto currency controls in an effort to shore up the weakening rouble. Western companies exiting
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Texas Sen. Ted Cruz has said he will challenge more than $5.5 billion of federal transportation grants after the U.S. Government Accountability Office agreed with him that the grant criteria should be subject to Congressional approval. The GAO on Oct. 18 issued an eight-page ruling that found that the U.S. Department of Transportation’s Multimodal discretionary
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The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, is planning to start crypto-related cooperation with some European countries and Japan. The MAS officially announced on Oct. 30 that it is partnering with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA) and the United Kingdom’s
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Oklahoma’s Council of Bond Oversight approved up to $560 million of revenue bonds Thursday for the state’s Grand River Dam Authority (GRDA), which is expected to start issuing the debt later this year. Proceeds will finance repairs and improvements, including a natural gas-fired generating unit to replace the authority’s last remaining coal-fired unit, as well
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A new bridged token from cross-chain protocol LayerZero is drawing criticism from nine protocols throughout the Ethereum ecosystem. A joint statement from Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router on October 27 called the token’s standard “a vendor-locked proprietary standard,” claiming that it limits the freedom of token issuers. Today, we’re announcing