Stay informed with free updates Simply sign up to the Currencies myFT Digest — delivered directly to your inbox. The dollar jumped to a new 34-year high against the yen in early Thursday trading in Tokyo, briefly pushing the Japanese currency through what was considered a key line of support and reviving market speculation that
US stocks and Treasuries sold off after higher than expected inflation in March dimmed traders’ hopes for near-term interest rate cuts. Wall Street’s S&P 500 index closed 0.9 per cent lower on Wednesday. Every sector declined except for energy, which was helped by a rebound in the price of oil. The tech-focused Nasdaq Composite declined
Norfolk, Virginia, has canceled its plans to call some of its outstanding Build America Bonds, according to a financial filing issued Monday. In March, the city said in a conditional notice that it was considering a redemption of $56 million of its direct-pay taxable 2010B capital improvement BABs under an extraordinary optional redemption before the
Municipals were weaker, but outperformed a large U.S. Treasury selloff that hit the short end the hardest and pushed the 10-year well over 4.5% after a hot inflation report showed Fed rate cuts would be pushed further out. Equities sold off as well. “The news is sparking an equity market selloff while sending bond yields
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.
Federal Reserve policymakers “generally favored” slowing the pace at which they’re shrinking the central bank’s asset portfolio by roughly half, minutes from their latest gathering showed. The record of the March 19-20 Federal Open Market Committee meeting also showed “almost all” officials judged it would be appropriate to begin lowering borrowing costs “at some point”
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Hamas said on Wednesday that three sons of Ismail Haniyeh, the Palestinian militant group’s political leader, had been killed in an Israeli air strike in Gaza. The strike, which targeted a car in the Shati
The Dormitory Authority of the State of New York Board of Directors on Wednesday named Robert J. Rodriguez its acting president and chief executive officer. Rodriguez is currently New York’s Secretary of State and will start his new role on May 8. He will be acting president and CEO until confirmed by the state Senate.
Virginia Gov. Glenn Youngkin on Monday presented more than 240 amendments to Virginia’s biennium budget, proposing what he called a common ground budget plan. “Today, I am proud to release my amendments for a common ground budget,” he said. “It demonstrates our commitment not as Republicans or Democrats, not as senators, delegates or a governor
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
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. John Paulson, the Republican megadonor considered to be a potential Treasury secretary if Donald Trump wins the presidential election, has warned that the US must not “decouple” from China, striking a more measured tone than
The state of Utah has joined a Native American tribe and labor and energy groups in an effort in the U.S. Supreme Court to keep a proposed bond-financed crude oil-transporting railway project from being derailed. In so-called friend of the court brief last week, the parties backed Seven County Infrastructure Coalition’s March petition asking the
The Municipal Securities Rulemaking Board has filed amendments to its Rule G-47 on time of trade disclosure with the Securities and Exchange Commission, which would add three new disclosure scenarios, update its definition of materiality in relation to the rule, and provide a few clarifying details as supplementary material. The MSRB approved the amendments during
Stay informed with free updates Simply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox. Three of the world’s largest commodity traders said their record $23bn in combined profits last year showed they could continue growing strongly without having to turn to public markets. Jeffrey Dellapina, chief financial
As the chance to tap federal dollars through the Bipartisan Infrastructure Law inches into the final two years of the program, a growing group of policy influencers and lawmakers are moving towards a reauthorization. “We’re having hearings right now on reauthorization,” said Rep. Rick Larsen D- Wash. “When we’re doing these hearings, we’re talking about
Goddard College in Vermont became the latest small liberal arts school to close, joining a wave of institutions that have made such announcements in recent months. The college, which is outside Montpelier and has just 220 students, cited a “significant and persistent decline in enrollment since the 1970s” in a press release Tuesday announcing the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Former Post Office chief executive Paula Vennells previously claimed that sub-postmasters had been tempted to steal from their tills, the public inquiry into the affair has heard. Minutes of a meeting between campaigners and Post
Stay informed with free updates Simply sign up to the US inflation myFT Digest — delivered directly to your inbox. Traders slashed bets on imminent Federal Reserve rate cuts on Wednesday after data showed US inflation rose to 3.5 per cent in March, surpassing expectations and marking the second increase in a row. The annual
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Iman Abdelshafy al-Fayyad normally marks the end of the holy month of Ramadan with a feast surrounded by family and friends in Gaza. But this year’s Eid al-Fitr is dominated by “profound sadness” as she
The Dormitory Authority of the State of New York headlined the top 10 issuers in the first quarter of 2024 with a near $3 billion deal in March. DASNY, Washington (Build America Bond refunding), (January general obligation deal), Jefferson County, Alabama, (massive $2.3 billion sewer refunding) and the New Jersey Education Facilities Authority (largely Princeton