President Joe Biden was hoping for a lift from the Federal Reserve this year. On Wednesday, the Fed dealt those hopes a blow. Jay Powell, the central bank’s chair, confirmed what many have suspected for some time: interest rate cuts in the world’s biggest economy are not imminent. The economy remains too hot to start
Rishi Sunak’s political fate will hang on the judgment of millions of voters in an array of local elections and mayoral contests taking place across England and Wales on Thursday. Senior Tories fear that if Sunak’s party loses more than half of the 900 or so council seats it is defending along with crucial mayoralties,
Stay informed with free updates Simply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox. US regulators are poised to approve ExxonMobil’s $60bn acquisition of Pioneer Natural Resources on condition that the smaller oil company’s former chief executive does not join the supermajor’s board. The Federal Trade Commission
Colombia is cutting ties with Israel in protest against its war in Gaza, said, Gustavo Petro, the South American nation’s president on Wednesday. “Tomorrow, diplomatic relations with the state of Israel will be broken . . . for having a genocidal president,” Petro, Colombia’s first leftist leader, said at an International Workers’ Day march in the capital Bogotá. “If
In this article XOM PXD Follow your favorite stocksCREATE FREE ACCOUNT A view of the Exxon Mobil refinery in Baytown, Texas. Jessica Rinaldi | Reuters The Federal Trade Commission will wave through Exxon Mobil‘s roughly $60 billion acquisition of Pioneer Natural Resources after reaching an agreement with the energy giant, a source familiar with the
The first piece of a general obligation bond authorization for a new Des Moines, Iowa, airport terminal is coming to market. The county is issuing $113 million of general obligation capital loan notes, Series 2024A, on behalf of the Des Moines Airport Authority. The debt will finance the design, construction and equipment of a new
Stay informed with free updates Simply sign up to the US interest rates myFT Digest — delivered directly to your inbox. The Federal Reserve has signalled that US borrowing costs are likely to remain higher for longer, as a it wrestles with persistent inflation across the world’s biggest economy. The Federal Open Market Committee said
Alaska’s efforts to build reserves and manage cyclical financial swings caused by its oil dependence were rewarded Tuesday by two rating agencies, garnering an upgrade from one and a positive outlook from another. S&P Global Ratings raised its long-term rating to AA from AA-minus and assigned a stable outlook ahead of the state’s plans to
Municipals were little changed Wednesday as U.S. Treasury yields fell and equities rallied after the Federal Reserve held rates steady. “There was a collective sigh of relief in the financial markets after the Fed refrained from increasing its hawkishness at the May FOMC meeting,” said Jack McIntyre, portfolio manager at Brandywine Global. “In fact, nothing really
April saw an increase in volume for the fourth straight month as pent-up demand, dwindling federal pandemic aid and the May Federal Open Market Committee meeting led issuers to tap the capital markets. April’s volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023. This is above
President Biden’s newly revised environmental permitting rules to implement his climate and environmental-justice agenda faced swift pushback from construction groups and Republicans who say it will delay critical infrastructure and drive up costs. The administration Tuesday released a final rule to revise the National Environmental Policy Act, or NEPA, the rule that governs how it
The Federal Reserve announced Wednesday it will leave interest rates unchanged as inflation continues to prove stickier than expected. However, the move also dashes hopes that the Fed will be able to start cutting rates soon and relieve consumers from sky-high borrowing costs. The market is now pricing in one rate cut later in the year, according to the CME’s
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Home Office enforcement teams began detaining asylum seekers destined for removal to Rwanda in a “large scale” operation across the UK on Wednesday as the union for senior civil servants started legal proceedings over the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US has imposed sanctions on more than 300 Russian and international entities, including some in China and Turkey, for providing support to Russia’s military as it wages war in Ukraine. The fresh measures reflect
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The first quarter’s run of higher than anticipated US inflation numbers have markets in a tizzy. Investors have been constantly tweaking their expectations for interest rates. The problem with all the frantic repricing is that
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Marjorie Taylor Greene, the rightwing US congresswoman, has said she will try to oust House Speaker Mike Johnson next week, escalating a civil war within the Republican party that has flared up again after Congress
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Polish prosecutors are investigating whether Orlen, the state-controlled oil and gas company, had links to the Lebanese militant group Hizbollah via its Swiss trading subsidiary. Prosecutor Małgorzata Adamajtys said on Tuesday the investigation would look
While there are thousands of municipal bonds sold in the marketplace each year, some require more care and attention than others to turn into successful offerings. Some require constant refinement and retuning right up to the point of sale before it can become a successful offering for issuer, underwriter and buyer. Such was the case
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US secretary of state Antony Blinken has told Israel and Hamas that “the time is now” for a deal that would free the remaining hostages held in Gaza and halt more than six months of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Spanish bank BBVA has offered a 30 per cent price premium to TSB-owner Banco Sabadell in a takeover bid that values its local rival at more than €12bn. Disclosing the details on Wednesday of an
In this article Follow your favorite stocksCREATE FREE ACCOUNT Ryersonclark | E+ | Getty Images Making your home hurricane resistant can be a significant financial undertaking. But it’s one that has the potential to pay off as such storms become more intense amid climate change. In 2024, the national average cost to upgrade an entire