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  • Defense stocks drop after Trump says Pentagon spending could be halved

    U.S. President Donald Trump sits in the Oval Office of the White House in Washington on Feb. 13, 2025. Kevin Lamarque | Reuters Defense stocks dropped sharply Thursday afternoon after President Donald Trump suggested the U.S. could massively cut defense spending. Trump said Thursday at the White House the U.S. could cut defense spending in…

  • Mortgage refinance demand jumps to highest level since October, but homebuyers pull back again

    Patchogue, N.Y.: A For Sale sign hangs in front of a house in Patchogue, New York, on June 1, 2024. Steve Pfost | Newsday | Getty Images Mortgage rates moved slightly lower again last week, keeping refinance demand on the rise. Applications to refinance a home loan jumped 10% compared with the previous week and…

  • PREPA bondholders may challenge board’s advisory fees

    PREPA bondholders said if the board continues its current approach there will be years more of litigation with outcomes showing the board’s positions are “baseless.” Puerto Rico Electric Power Authority bondholders told the bankruptcy court they may challenge all Oversight Board’s advisory fees. The group of opposing bondholders, which hold or insure 61% of PREPA’s…

  • The tragedy of Britain’s assisted dying debate

    Stay informed with free updates Simply sign up to the Social affairs myFT Digest — delivered directly to your inbox. How on earth has Britain got itself into a situation where an assisted dying bill that will contain the strongest safeguards in the world is being presented as an attack on the vulnerable? Those of…

  • Munis firmer, inflows into muni mutual funds continue

    <img src=”https://public.flourish.studio/visualisation/21620339/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were firmer Thursday, as U.S. Treasury yields rallied and equities ended up. The two-year municipal to UST ratio Thursday was at 63%, the five-year at 64%, the 10-year at 67% and the 30-year at 86%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had…

  • Elon Musk ripped a company for storing government records in a mine. Now, DOGE may give Iron Mountain a boost

    A man exits the Iron Mountain Inc. data storage facility in Boyers, Pennsylvania, U.S., on Tuesday, Feb. 13, 2018. The underground data center, located in a former limestone mine, stores 200 acres of physical data for many clients including the federal government. Stephanie Strasburg | Bloomberg | Getty Images Elon Musk stood beside a seated…

  • How the federal government spent billions rebuilding New Orleans after Hurricane Katrina

    The city of New Orleans is still rebuilding and repairing homes that were damaged in the fallout from 2005’s Hurricane Katrina. The storm flooded hundreds of thousands of homes in New Orleans, killed over 1,800 people and displaced millions. It remains the costliest tropical cyclone in U.S. history, with an estimated $201.3 billion in associated…

  • Europe must respond to Trump ‘electroshock’, says Macron

    Emmanuel Macron has described Donald Trump’s return as an “electroshock” that should force Europe to secure its own future as well as Ukraine’s. In an interview at the Élysée Palace shortly after Trump agreed with Vladimir Putin of Russia to hold imminent peace talks, the French president championed the need for Europe to “muscle up”…

  • Bill restoring tax-exempt advance refunding introduced in House

    “This will lower borrowing costs and free up valuable resources to ensure our communities can continue to develop projects that advance economic growth,” said Indiana GOP Rep. Rudy Yakym of a bill that would restore tax-exempt advance refunding.Rep. Rudy Yakym’s office Cities, states and other municipal bond issuers would regain the ability to advance refund…

  • Europe reels after Trump announces US-Russia talks on Ukraine

    European officials fear they will have to bear the cost of postwar security and reconstruction as they reel from being cut out of US-Russia peace negotiations on Ukraine. Donald Trump said on Wednesday, after talking to Russian President Vladimir Putin, that their delegations would “start negotiations immediately” to end the war, blindsiding European capitals. More…

  • Hot inflation data sends yields soaring

    <img src=”https://public.flourish.studio/visualisation/21601827/thumbnail” width=”100%” alt=”chart visualization” /> Municipals sold off Wednesday, moving higher in sympathy with U.S. Treasuries after hotter-than-expected inflation data showed the Fed may not be able to cut rates this year. Equities ended mixed. Muni yields were cut six to 12 basis points Wednesday, depending on the curve, while UST yields rose eight…

  • Steel and aluminum stocks surge on Trump plan to impose 25% tariffs on imports to U.S.

    A water tower at the U.S. Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, on Sept. 4, 2024. Justin Merriman | Bloomberg | Getty Images Steel and aluminum stocks surged Monday after President Donald Trump said he will impose 25% duties on all imports of the metals into the U.S. Cleveland-Cliffs rallied nearly…

  • Here’s what the privatization of Fannie Mae, Freddie Mac may mean for homebuyers and investors

    People walk by a sign for Freddie Mac headquarters on July 14, 2008 in McLean, Virginia. AFP Photo/Paul J. Richards (Photo credit should read PAUL J. RICHARDS/AFP via Getty Images) Paul J. Richards | Afp | Getty Images Fannie Mae and Freddie Mac — the two giant mortgage finance firms controlled by the federal government…

  • Trump says US and Russia to start talks on Ukraine war ‘immediately’

    President Donald Trump said Washington and Moscow will begin negotiations “immediately” on ending the war in Ukraine after speaking with his Russian counterpart Vladimir Putin. Wednesday’s call indicated a dramatic turnaround in the US-Russia relationship amid signs Washington would dial back its support for Ukraine after almost three years of war. Trump wrote on his…

  • Muni advocates won’t give up tax exemption without a fight

    Enjoy complimentary access to top ideas and insights — selected by our editors. Republican legislators have placed tax-exempt bonds on the regulatory chopping block — as the cost to renew expiring provisions of President Donald Trump’s 2017 Tax Cuts and Jobs Act continues to grow — putting municipal leaders in the eye of a storm.…

  • US inflation unexpectedly increases to 3% in January

    Stay informed with free updates Simply sign up to the US inflation myFT Digest — delivered directly to your inbox. US inflation unexpectedly increased to 3 per cent in January, bolstering the case for the Federal Reserve to proceed slowly with interest rate cuts and hitting stocks and government bonds. Wednesday’s consumer price index figure…

  • Ken Griffin says Trump’s ‘bombastic’ trade rhetoric is a mistake that’s eroding trust in the U.S.

    Ken Griffin, founder and CEO of Citadel, speaks during The New York Times’ annual DealBook Summit in New York City, Dec. 4, 2024. Michael M. Santiago | Getty Images Citadel CEO Ken Griffin sent a stern warning against the negative impact from President Donald Trump‘s combative approach to U.S. trade policy. “From my vantage point, the…

  • Puerto Rico board says it won’t improve offer to PREPA creditors

    Puerto Rico Oversight Board Executive Director Robert Mujica suggested non-settling bondholders might be offered recoveries of about 4% of the principal due.Darren McGee Office of New York Gov. Kathy Hochul The Puerto Rico Oversight Board is saying it will not improve its offer to creditors of the Puerto Rico Electric Power Authority. The board will…

  • What if Donald Trump calls the courts’ bluff?

    Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world The Rockies may crumble and Gibraltar may tumble. But if Donald Trump obeys the courts, the US republic will stand. America’s system is designed to accommodate almost anything except a return to de…

  • IRS budget under fire

    “They have rescinded over $20 billion in enforcement funds, and they have frozen another $20 billion in the previous continuing resolution,” said subcommittee ranking member Terri Sewell, D – Ala. “We need to fix this issue. Slashing funds is not the solution. The IRA funding is not an endless piggy bank for the majority.” Bloomberg News…

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