A view of clouds over Manhattan skyline in New York, United States on August 08, 2023. (Photo by Fatih Aktas/Anadolu Agency via Getty Images) Anadolu Agency | Anadolu Agency | Getty Images Manhattan rents fell for the first time in over two years, as the supply of empty apartments grew and renters held out for
US Treasuries staged a historic rally and stocks jumped as comments from Federal Reserve chair Jay Powell further spurred a rally that began after the central bank published a more dovish outlook than investors had anticipated. The yield on the policy-sensitive two-year note was down 0.25 percentage points in afternoon trading at a six-month low
Triple-A municipal bond yields fell a few basis points Wednesday following the Federal Reserve’s decision to hold rates and signal that only three rate cuts were likely in 2024, which sent U.S. Treasury yields plummeting down more than a quarter point on the short end while equities rallied and the Dow Jones Industrial Average closed
Stay informed with free updates Simply sign up to the US interest rates myFT Digest — delivered directly to your inbox. The Federal Reserve on Wednesday held interest rates at a 22-year high, but most officials forecast that the US central bank would implement 75 basis points worth of cuts next year. The unanimous decision
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. BP said it had dismissed Bernard Looney, its former chief executive, who would forfeit as much as £32.4mn in pay after committing “serious misconduct” related to failing to disclose past relationships with colleagues. Looney stepped
The Federal Reserve announced it will leave interest rates unchanged Wednesday, in a move that many believe will conclude the central bank’s rate hike cycle and set the stage for rate cuts in the year ahead. The Fed has raised interest rates 11 times since March 2022 — the fastest pace of tightening since the early 1980s. The
Fast-moving developments in the national capital region could open a gold mine of new debt to finance a nine million square foot arena complex in Alexandria, Virginia. The proposed, $2 billion public-private partnership would move the National Hockey League’s Washington Capitals, and the NBA’s Washington Wizards out of Washington, D.C.’s Capital One Arena in the
Federal highway officials Wednesday defended the seemingly slow rollout of a high-profile federally funded program to create a national network of electric vehicle chargers. Ohio last week opened what is so far the nation’s first — and only — electric vehicle charging station funded through the 2021 Infrastructure Investment and Jobs Act. New York is
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak on Wednesday tried to calm tensions in his fractured party over his Rwanda migration policy, as a poll showed the UK prime minister is now as unpopular as Boris Johnson in his final
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Pfizer needs to convince investors that Covid-19 treatments are not its only source of success. So far, it has failed. Despite splashing out nearly $55bn on two major acquisitions over the past two years, the
A sales tax extension to fund a replacement professional sports and concert arena costing at least $900 million won overwhelming approval from Oklahoma City voters Tuesday. The continuation of a Metropolitan Area Projects (MAPS 4) one-cent sales tax for six years beyond its April 1, 2028 expiration date passed with 71% of the vote amid
The Puerto Rico Oversight Board reached a tax cut compromise with the local government, the board indicated Wednesday. The non-recurring action will allow 177,000 taxpayers to receive a refund when they file taxes for this year, while an additional 413,000 residents will receive larger Earned Income Tax Credit payments, the board said. Puerto Rico Oversight
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US regulators on Wednesday voted to require more Treasury bond trades to be cleared centrally, a landmark reform aimed at bolstering the resilience of one of the world’s most important financial markets. The Securities and
Florida’s $114.4 billion proposed budget for fiscal 2024-2025 continues a more than decade-long trend of paying down debt while limiting new bond issuance. Gov. Ron DeSantis released his recommended budget on Dec. 5, which would spend almost 4%, or $4.6 billion, less than the current fiscal year. The budget proposal includes $455 million in funding
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Pfizer shares tumbled more than 8 per cent after the US drugmaker forecast 2024 revenues that were below consensus estimates, as the company attempts to chart a future for growth without blockbuster Covid-19 products. The
Puerto Rico Electric Power Authority bond parties argued in appeals court briefs that their trust agreement clearly gives them a lien on incoming revenues and supports their claim for the $8.5 billion pre-bankruptcy principal rather than the $2.4 billion set by a lower court judge. The parties argued about the language needed to establish a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Greater Manchester has scrapped longstanding and contentious plans for a clean air charging zone. Its mayor, Andy Burnham, said new data showed the English city region could now meet legal clean air targets more quickly
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The outcome is very far from perfect. It is better than feared but less than needed. It bows too much to the forces of international diplomacy, and too little to the immovable realities of science.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Round one to Rishi Sunak. His emergency Rwanda bill that will probably not “stop the boats” saw off its first parliamentary ambush. A rightwing revolt fizzled out. The preening rebels had reprised the political protection
Two big Illinois issuers have scheduled refunding deals with planned pricings on Thursday, with the Illinois State Toll Highway Authority to issue $900 million of series 2024A senior revenue refunding bonds and Chicago’s Midway Airport to sell $393 million of series 2023C senior revenue refunding bonds. Rising interest rates had made refundings thin on the
An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty Images Homeowners looking to refinance are finding savings after mortgage rates dropped again last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming