Municipals sold off Friday with the front end of the curve being hit the hardest, though damage was felt across the curve. Triple-A benchmarks outperformed a U.S. Treasury rout where yields rose double-digits, and equities were down near the close. Nearly all triple-A benchmark yields were cut six to 10 basis points and UST yields
Retired Wisconsin Capital Finance Director Frank Hoadley — who left an influential mark on the public finance industry as a champion of issuer advocacy and best marketplace practices — died unexpectedly this week. He was 77. Hoadley was traveling with his wife, Elizabeth, in Scotland when he died. “Frank Hoadley was a giant among the
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Rishi Sunak, one of the Conservative leadership hopefuls, has sparked cross-party outrage after he was filmed telling party members in Tunbridge Wells how he had shifted money from “deprived urban areas” to fund projects in the Kent commuter belt. The former UK chancellor’s comments, made in a sun-drenched garden, appeared to cut across the government’s
The Bank of England has come under growing criticism from Conservative MPs who claim the central bank has been too slow in tackling surging inflation. Andrew Bailey, the bank’s governor, warned this week consumer price inflation, which already hit a 40-year high of 9.4 per cent in June, will exceed 13 per cent by the
Cryptocurrencies have failed to break the $1.1 trillion market capitalization resistance, which has been holding strong for the past 54 days. The two leading coins held back the market as Bitcoin (BTC) lost 2.5% and Ether (ETH) retraced 1% over the past seven days, but a handful of altcoins presented a robust rally. Crypto markets’
The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers. The news follows the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board ordering Voyager to remove any statements that allege Voyager is FDIC insured. The U.S. Bankruptcy Court in
The Ontario City Council approved a sales tax measure Tuesday for the November 8 ballot to fund $1.2 billion of infrastructure projects, and other local governments in California are expected to take similar steps. The November midterms are expected to be particularly popular this year for tax and bond measures among cities, counties and school
For two days straight, Chinese military officials have been delivering a message of triumph to the public. The exercises with which the People’s Liberation Army is punishing Taiwan for hosting US House Speaker Nancy Pelosi feature “multiple firsts”, they gloated on state television. “Our firepower covers all of Taiwan, and we can strike wherever we
A budget impasse that’s left Trenton, New Jersey, without an approved budget well into the new fiscal year continues, despite a recent brush with default. Beset by political rivalries, the state capital’s seven-member City Council, which must approve annual spending according to local law, has as of yet failed to produce the majority vote necessary
The Senate is set to take action Saturday on a newly inked budget reconciliation bill that continues to lack municipal market priorities but includes climate and energy provisions that issuers support. Under a deal struck to gain the vote of Sen. Kyrsten Sinema, D-Ariz., the bill now features a slightly revised 15% corporate minimum tax
The indictment of former Puerto Rico Gov. Wanda Vázquez on bribery charges damages the reputation of her political party, according to some analysts, but since her party is the only one advocating statehood for the island, the pain may be limited. Still, the arrest should have no impact on how long the Puerto Rico Oversight
In this article SPCE IRBT LYFT CVNA WBD Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company’s initial public offering (IPO) on March 29, 2019 in Los Angeles, California. The ride hailing app company’s shares were initially priced at $72. Mario Tama
The United States Labor market added 528,000 jobs in July, much better than the 258,000 estimate. Wages saw growth of 5.2% year-over-year and 0.5% over the month. This suggests that inflation remains high and the U.S. Federal Reserve may continue with its rate hikes in the near future. After staying in close correlation with the
The 2022 bear market has been brutal as more than $2 trillion in value has been wiped away from the crypto economy. In addition to record values lost, the crypto winter has managed to break a number of popular bitcoin price models like the rainbow price chart and Plan B’s infamous stock-to-flow model. Moreover, since
With the Bitcoin (BTC) price moving at a very steady pace during the crypto winter, the return on investment (ROI) on a new mining device seems like a shot in the dark. But a mining expert explained there may be hope for miners to make a comeback to profit. Phil Harvey, the CEO of crypto
Bitcoin (BTC) saw fresh rejection at $23,500 resistance on Aug. 5 as United States equities failed to embrace surprisingly strong payroll data. “Collapsing real wages” poke fun at payroll print Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as bears kept the market in its intraday trading range. Wall Street opened with a whimper
Millions of people struggling with the rising cost of living are facing growing financial pain over the coming months as higher UK inflation leads to surging bills for variable and fixed-rate mortgage borrowers. The Bank of England on Thursday raised its main interest rate by 0.5 of a percentage point to 1.75 per cent, the
The Frank Gehry-designed headquarters that Facebook moved into in 2015 was a cavernous, elongated warehouse with concrete floors and a deliberately unfinished feel. At the very centre of the 500-yard, open-plan sprawl was a nest of desks where Mark Zuckerberg and his top lieutenants could congregate. The massive scale, the bustle and the sense of
The writer is author of ‘Two Hundred Years of Muddling Through: The Surprising Story of the British Economy’ The Bank of England’s new forecasts make for exceptionally grim reading. In recent months the bank’s governor Andrew Bailey has warned that the institution is walking “a narrow path” between the risks of continuing high inflation and