Municipals weakened further Thursday as outflows from muni mutual funds lessened, while short-term U.S. Treasury yields fell after Fed Chairman Jerome Powell suggested central bankers could raise rates again, but not at the upcoming meeting. Equities sold off. The two-year muni-to-Treasury ratio Thursday was at 71%, the three-year was at 71%, the five-year at 70%,
Moody’s Investors Service revised the outlook on Oklahoma’s Aa2 rating to positive from stable on Wednesday, citing the state’s “strong reserves, low leverage, and expected budgetary balance.” The action followed S&P Global Ratings’ placement of a positive outlook on the state’s AA rating in July. Moody’s said reserves will help in the management of Oklahoma’s
Chicago received a credit boost Thursday from Fitch Ratings, which upgraded its general obligation rating to BBB-plus from BBB, due to a decline in the city’s long-term liability burden stemming from steady growth in the economic resource base and improved debt management practices. The rating agency also raised the rating on sales tax securitization bonds
Nevada plans to sell $504.8 million in general obligation bonds next week. In one deal, the state will surpass the GO issuance of any previous year in the past five years, according to Refinitiv data. Since 2017, the state has sold $1.2 billion in total GO debt, according to Refinitiv. The state is issuing more
Municipal market participants have had to get creative to manage the current market but should not get creative on the regulatory front, warned one of the market’s key Washington regulators. “Regulators often talk about when there is reduced issuance, this is where a lot of problematic deals come up,” said David Sanchez, head of the
Higher interest rates, macroeconomic uncertainties and outflows from mutual funds resulted in a rather gloomy outlook from panelists assessing the state of the union for the muni bond market at The Bond Buyer’s California Public Finance conference in San Francisco. Broker-dealers are experiencing a myriad of pressures. Individual bankers are putting in longer hours for
Rep. Jim Jordan, R-Ohio, has endorsed a plan to increase the state and local tax deductions to $20,000 for individuals and $40,000 for couples in a bid to win over more Republicans, especially from blue states, in an indication that the issue could play a serious role in the negotiations over who will ascend to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. At Blackstone, the march to a second trillion dollars in assets is off to a slow start. Three months ago, the House of Schwarzman proudly celebrated being the first “alternative” capital firm to pass into
Donors are withdrawing millions of dollars in planned funding to punish US universities for their responses to Hamas’ attack on Israel, in a stand-off over free speech, higher education funding and academic leaders’ public responsibilities. Billionaire benefactors including Apollo Global Management’s Marc Rowan and Limited Brands founder Leslie Wexner have called for stronger condemnation of
Tarpon Isle, a private island in Palm Beach, Florida. CNBC From Palm Beach to Miami Beach, luxury home prices in Florida’s richest enclaves are reaching new records as billionaires and millionaires continue to buy up property. The average sale price of a home in Palm Beach topped $20 million in the third quarter, making it
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. UK universities need to act urgently to reduce the number of “fraudulent” applications from international students or risk facing a backlash in Westminster, a former Conservative universities minister has warned. Lord Jo Johnson said the
The impact of the Bitcoin halving on crypto prices is often overestimated and the next halving, set for April 2024, may play out differently than previous ones, according to a leading analyst. The halving event, which every four years, cuts in half the rate by which new Bitcoins are created, and is generally considered one
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Israel will enforce a buffer zone within the Gaza Strip once the war with Hamas is over, Israel’s agriculture minister Avi Dichter said on Thursday. Israel has been bombarding Hamas targets in Gaza since the
Stay informed with free updates Simply sign up to the US politics & policy myFT Digest — delivered directly to your inbox. Jim Jordan will endorse Patrick McHenry as temporary Speaker of the US House of Representatives until January, as Republicans search for a solution to end weeks of chaos that have paralysed Congress and
A townhouse for sale in the Upper East Side neighborhood of NYC. Adam Jeffery | CNBC Sales of previously owned homes dropped 2% in September from August to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 15.4% compared with September 2022. This is the slowest
Allen Weisselberg, former US President Donald Trumps company chief financial officer arrives to attend the hearing for the criminal case at the criminal court in lower Manhattan in New York on July 1, 2021. Seth Wenig | AFP | Getty Images New York Attorney General Letitia James’ office suggested Thursday that the Trump Organization failed
In any commercial lease, one major issue relates to the work that needs to be done to prepare a space for the tenant’s occupancy. Usually, the landlord will deliver the space pretty much as is, or with certain limited work completed. Then it’s up to the tenant to build out the space so it meets
Hacked cryptocurrency wallet Atomic Wallet has frozen $2 million in “suspicious deposits” in a joint effort with major crypto exchanges. Announcing the news to Cointelegraph on Oct. 19, Atomic Wallet said that blockchain intelligence firms Chainalysis and Crystal have assisted the wallet firm in identifying and containing the threat. Citing reports from Chainalysis and Crystal,
Bitcoin (BTC) kept pressure on $28,500 after the Oct. 19 Wall Street open ahead of a key speech on United States economic policy. BTC/USD 1-hour chart. Source: TradingView Lepard: Powell may flip “very dovish” Data from Cointelegraph Markets Pro and TradingView showed BTC price action gaining strength ahead of commentary by Jerome Powell, chair of
Only days after Palm Beach County, Florida, upped its investments in Israel bonds, states, cities and counties around the nation have joined in, bringing the total investments to more than $150 million. New York, Illinois, Pennsylvania, Texas, Ohio, Arizona and Georgia have joined Florida, Miami-Dade and Palm Beach counties and the city of Miami Beach
From privacy coins to shiny iris-scanning orbs, zero-knowledge proofs have become synonymous with crypto, scalability and privacy. In 2022, investors gave over $700 million in funding to companies pushing the envelope with zero-knowledge proofs. This year, ZK-proofs has arguably become one of the biggest blockchain trends, with several major Ethereum scaling protocols hitting mainnet. ZK-proofs