Munis sold off Thursday, joining bond markets and equities in a rout after the Fed signaled that interest rates would be higher for longer. The Federal Open Market Committee held rates steady Wednesday, as expected, but signaled another hike this year. Munis were steady Wednesday but triple-A yields were cut eight to 16 basis points
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Receive free UK schools updates We’ll send you a myFT Daily Digest email rounding up the latest UK schools news every morning. Rishi Sunak is exploring a radical reshaping of A-levels with a new “British baccalaureate” to modernise England’s education system, according to senior Whitehall insiders. The UK prime minister’s plans to reform academic post-16
As high-speed rail project sponsors across the country compete for federal infrastructure funds, Republican lawmakers Wednesday urged U.S. transportation chief Pete Buttigieg to reject California’s request for its long-struggling project. “We should work together, you and I, to conduct a full audit of the project before any high-speed grant decisions are made,” Rep. Troy Nehls,
Venmo, a versatile financial application, provides a range of features, including peer-to-peer (P2P) money transfers and cryptocurrency transactions. Serving as a comprehensive financial tool, Venmo enables users to seamlessly handle transactions, including the option to participate in digital currencies like Bitcoin (BTC). The app is designed to simplify financial operations and assist users in navigating
Marieke Flament, CEO of Near Foundation, the developer of the namesake community layer-one protocol, has resigned. According to the September 21 announcement, Chris Donovan, Near Foundation’s general counsel, will replace Flament as the new CEO following the resignation. Flament gave no specific reason for her departure. Speaking on her tenure, Flament said: “Two years ago,
A “For Sale” sign is displayed in front of a home in Arlington, Virginia, on August 22, 2023. Andrew Caballero-Reynolds | AFP | Getty Images Sales of previously owned homes fell 0.7% in August from July to a seasonally adjusted, annualized rate of 4.04 million units, according to the National Association of Realtors. Sales were
Receive free UK business updates We’ll send you a myFT Daily Digest email rounding up the latest UK business news every morning. The UK car industry will still have to meet mandatory electric vehicle sales targets from January, according to people briefed on the upcoming government rules, despite ministers pushing back a ban on petrol
Justin Sullivan | Getty Images Check out the companies making headlines in midday trading. Instacart — Instacart shares fell more than 5% one day after going public on the Nasdaq. The grocery deliver company’s stock debuted at $42 on Tuesday, 40% above its $30 offering price. Steelcase — The furniture stock soared more than 26%
Municipals were steady Wednesday as U.S. Treasuries were mixed fiollowing the Fed’s decision to hold interest rates. Equities ended the trading session down. As was expected, the FOMC held rates in a range between 5.25% and 5.50%, but the dot plot in the Summary of Economic Projections showed 12 of 19 members expect another 25-basis-point
Bitcoin’s (BTC) recovery is facing selling above $27,000, indicating near-term nervousness due to the Federal Reserve’s meeting on Sep. 20. However, long-term investors are unfazed and they have continued to accumulate. Glassnode data shows that Bitcoin’s inactive supply has been at all-time highs since July. This bullish temperament is not reflected in institutional activity, however.
Voters will determine if Polk County, Iowa will issue up to $350 million of general obligation bonds to help fund a terminal project at the Des Moines International Airport. The county board of supervisors on Tuesday unanimously approved placing a bond referendum on the Nov. 7 ballot. The Des Moines Airport Authority, which can issue
The U.S. Federal Reserve Building in Washington, D.C. Win Mcnamee | Reuters Today, the Federal Reserve will publish its latest economic forecasts. There will be an intense focus on the Summary of Economic Projections, which is the Fed’s own estimates for GDP growth, the unemployment rate, inflation and the appropriate policy interest rate. The summary will
The launch of generative AI products over the past nine months has the world talking about how it will change the future. Many are frightened. Others are excited about the opportunity. A report last month from Next Move Strategy Consulting predicts the AI industry will grow 20x in the next seven years, creating a $2
A couple building a high-end contemporary house close to the Potomac River near Washington, D.C., had distinct ideas about what it should be. One person favored a Moroccan courtyard-style design; the other wanted a sustainable and well-built home. It would be up to the architects to make it work—and they did, spectacularly. Sliding mesh screens
Receive free UK politics updates We’ll send you a myFT Daily Digest email rounding up the latest UK politics news every morning. Rishi Sunak was on Tuesday accused of presiding over a “slow motion car crash” as the prime minister prepared to delay crucial measures intended to turn the UK into a net zero carbon
Municipals were weaker Tuesday as triple-A yields rose in sympathy with U.S. Treasuries. Equities ended the session down ahead of the close of the Federal Open Markets Committee meeting Wednesday. Triple-A yields were cut two to seven basis points, depending on the scale, while UST yields rose four to six basis points, pushing the two-,
California’s revenues for August came in $1.3 billion above projections putting the state $75 million above the $21.9 billion expected for the first two months of the fiscal year, according to the Department of Finance. The revenues of $1.3 billion were 11.1% above the forecast of $12.16 billion, as receipts from nearly all revenue sources
USD Coin (USDC), the second-largest stablecoin by market capitalization after Tether (USDT), continues expanding across different blockchain networks, now being launched on Polkadot. USDC issuer Circle has officially launched USD Coin on the Polkadot network, the firm announced on Sept. 19. According to the Circle’s website, Polkadot USDC is immediately available for developers and users
AI and crypto isn’t just a buzz phrase AI Eye has been out and about at Korean Blockchain Week and Token2049 in Singapore over the past fortnight, trying to find out how crypto project leaders plan to use AI. Probably the most well-known is Maker founder Rune Christensen, who essentially plans to relaunch his decade-old
Our weekly roundup of news from East Asia curates the industry’s most important developments. Token 2049, one of the largest crypto conferences of the year, attracted a record 10,000 attendees, 300 speakers and 5,000 companies during the two-day event in Singapore. From Sept. 13–14, attendees entering the majestic Marina Bay Sands Convention Expo and Center
The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022. Justin Sullivan | Getty Images Check out the companies making headlines before the bell: Carnival, Royal Caribbean— The cruise lines both gained about 2% after being upgraded by Truist. The Wall Street firm moved