The size of the Internal Revenue Service budget and whether it should see an increase was part of the focus of a Tuesday Senate Finance Committee hearing during which IRS Commissioner Danny Werfel played defense against what some members of Congress have called over aggressive audits. Werfel’s written testimony included a request that IRA funding
Municipals were slightly weaker as the focus turned to a large new-issue day with deals upsized and accelerated. The asset class followed U.S. Treasuries to higher yields while equities closed the session up. Triple-A yields rose one to five basis points, depending on the curve, while UST yields rose up to four basis points. The
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak suffered a blow on Tuesday as dozens of Conservative MPs, including several ministers, voted against his flagship legislation to ban smoking by anyone in the UK born after 2009. The prime minister pledged
Los Angeles Mayor Karen Bass broadened her priorities from tackling homelessness and police officer retention, presenting a plan in her State of the City speech to comprehensively evaluate city departments to make them more effective as she wrestles with a $467 million deficit. The mayor will present her budget later this week. The city has
Stay informed with free updates Simply sign up to the US interest rates myFT Digest — delivered directly to your inbox. US Federal Reserve chair Jay Powell has said it is likely to take “longer than expected” for inflation to return to the central bank’s 2 per cent target and justify cuts to interest rates.
President Joe Biden signaled tentative federal support for a long-struggling high-speed train between Dallas and Houston using Japanese technology during a meeting last week with Japanese Prime Minister Fumio Kishida. Opponents of the controversial proposal, meanwhile, have urged the Department of Justice to investigate the project’s owner, Texas Central Partners LLC, for violations of the
Stay informed with free updates Simply sign up to the Sovereign bonds myFT Digest — delivered directly to your inbox. Ukraine’s international bondholders have formed a creditor committee ahead of a $20bn debt restructuring that Kyiv is aiming to negotiate by September, amid uncertainty over the arrival of funding to help in its war with
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US House Speaker Mike Johnson’s plan to hold votes on funding for Ukraine and Israel faced a growing threat as members of his Republican party revived a bid to remove him from office. Kentucky Congressman
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The decision by Iran to escalate its conflict with Israel by launching a barrage of armed drones and missiles brings the risks of open war between the two countries, possibly involving the US, yet closer.
From cyber attacks against nuclear sites to mysterious explosions at military bases, Israel has mounted dozens of covert operations against Iran during its decades-long shadow war with the Islamic republic. In one case blamed on Israel, a prominent nuclear scientist was assassinated outside Tehran using a remote-operated machine gun. But Israel has never before had
Mikhail Foux, Managing Director and Head Municipal Research & Strategy at Barclays, discusses the increasing retail concentration of muni ownership as fewer institutional investors are engaging in the asset class due to various regulatory and tax-policy related issues and what it means for munis during times of volatility. Bond Buyer Executive Editor Lynne Funk hosts.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Britain may this year fail to achieve even the tepid growth rates recently predicted by the government’s official economic forecaster, the IMF suggested on Tuesday as it downgraded UK growth estimates. UK gross domestic product
Lauren Saporito, who spent nearly two decades at Citi, has been hired as a senior salesperson at Wells Fargo, as part of the firm’s multi-year plan to invest in the municipal space. At Wells, Saporito will strengthen the company’s links with major institutional investors and advance its expansion into credit-centric areas like project finance and affordable housing,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Bank of America’s first-quarter profits fell by almost a fifth as the country’s second-largest bank was hit by losses tied to office loans and credit cards. Profits fell to $6.7bn in the first three months
Enjoy complimentary access to top ideas and insights — selected by our editors. The Bond Buyer is proud to announce the return of nominations for the Hall of Fame of municipal finance for a third class of inductees, alongside the ninth annual class of Rising Stars, a program which showcases the brightest young minds in
Stay informed with free updates Simply sign up to the Renewable energy myFT Digest — delivered directly to your inbox. Shell’s former chief executive has joined private equity group KKR as a senior adviser for energy transition investments in his first corporate role since stepping down from the oil and gas major. Ben van Beurden,
Stay informed with free updates Simply sign up to the US economy myFT Digest — delivered directly to your inbox. The US is on track to grow at double the rate of any other G7 country this year, according to IMF forecasts, as the strength of the world’s biggest economy rocks global markets. Strong household
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Morgan Stanley’s profits rose 14 per cent in the first quarter, fuelled by a rebound in its investment banking and trading business and a better than expected performance from its juggernaut wealth management division. Morgan
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is a senior counsellor at Centerview Partners, president emeritus of the Council on Foreign Relations and a former US diplomat On Saturday, Iran launched a barrage of drones, cruise missiles and ballistic missiles
A small Kansas city took the initial step last week that could lead to the issuance of sales tax and revenue (STAR) bonds for a development featuring a Mattel toy-themed amusement park. The proposal came before the Bonner Springs City Council in the wake of the first-ever default on STAR bonds in the state and
This article is an on-site version of our Chris Giles on Central Banks newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters On Friday, Ben Bernanke published his report into forecasting and communication at the Bank of England.