Bonds

Michigan’s attorney general dismissed all pending criminal cases related to the Flint water crisis, two of which were against former state-appointed city emergency managers. Solicitor General Fadwa Hammoud and the special prosecutor, Kym Worthy, made the announcement Thursday that all pending criminal cases brought by the former Office of Special Counsel had been dismissed without
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A third-straight increase in weekly jobless claims added to evidence that the labor market is cooling as analysts weighed the likelihood that the Federal Reserve will cut interest rates. Initial jobless claims rose 3,000 to 222,000 in the week ended June 8, the Labor Department reported Thursday. Economists polled by IFR Markets had expected 217,000
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Wells Fargo banker Peter Cannava, who continued his legal fight against the Securities and Exchange Commission even as fellow defendants settled in the 38 Studios enforcement action, has won that battle. Rhode Island U.S. District Judge John J. McConnell, Jr. ruled Tuesday for Cannava, putting an end to the SEC’s litigation against him and effectively
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The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, slipped to 3.71% from 3.74% the week before. The Bond Buyer’s 20-bond GO Index of 20-year general obligation yields fell to 3.48% from 3.51% the previous week. It is at its lowest level since
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Los Angeles County received a one-notch upgrade of its issuer default rating to AA-plus by Fitch Ratings, affecting more than $2 billion in outstanding debt. Fitch also upgraded the rating on the county’s certificates of appreciation and lease revenue bonds to AA from AA-minus. “Our budget continues to strike a balance between programmatic priorities and
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California lawmakers are weighing decisions on the $214 billion budget this year without the benefit of the state’s audited financial documents. California Controller Betty Yee said the state’s comprehensive annual financial report for the fiscal year ended June 30, 2018 won’t be released until Wednesday. It was due out April 1. “When I was a
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A Missouri judge agreed with Platte County that it’s not on the hook to repay $32 million of defaulted industrial development bonds despite the county’s pledge to annually appropriate the funds needed to cover debt repayment. While the junk-rated county prevailed in the legal case, several market participants said it’s not likely to restore the
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The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell to 3.74% from 3.75% the week before. The Bond Buyer’s 20-bond GO Index of 20-year general obligation yields fell five basis points to 3.51% from 3.56% the week before. It is at its
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Most of the week’s largest deals came into a stronger market on Wednesday, as the U.S. municipal fixed income market was hitting on all cylinders. Modest domestic economic growth, reasonable inflation, lackluster new-issue supply and sound fundamentals continue to drive investors into the tax-exempt bond market, according to Rob Amodeo, portfolio manager, at Western Asset.
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Hilltop Securities, one of the nation’s top financial advisory and investment banking firms, has brought four managing directors on board in Houston and Connecticut through the purchase of two small firms. Yava Scott and Carmen Best, co-founders of YaCari Consultants, joined Hilltop’s Houston office. David Medanich, head of public finance for Hilltop Securities, said the
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David Einhorn, president of Greenlight Capital Inc., speaks. Photographer: Michael Nagle/Bloomberg Famed hedge fund investor David Einhorn is having a brutal year. He’s down over 18% in 2018, posting one of the worst performances in the entire hedge fund industry. Surprisingly, it could have been worse for Einhorn. Despite his losses, Einhorn actually dodged a big bullet in
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These 31 funds are the cheapest for short-term stakes in short-term bonds. Shutterstock Do you have idle cash in your brokerage account? Chances are it’s not earning much. Consider switching to a brief investment in an exchange-traded fund that owns short-term bonds. The scorecard below shows the cheapest ETFs for a position held for three months.
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Lawmakers advanced a bill designed to make the New York State Department of Transportation more accountable for its capital planning. The state Assembly approved legislation Tuesday that would require the state DOT to create a 20 year transportation plan with updates every five years, in line with what is required by the Metropolitan Transportation Authority.
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Share to facebook Share to twitter Share to linkedin These 23 funds are the cheapest of their type for in-and-out trades. Shutterstock What does it cost to own the whole bond market for a brief period? This ranking tells you. The table scores exchange-traded funds for their three-month holding costs, defined to include the effect
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Share to facebook Share to twitter Share to linkedin Just a handful of long-term bond funds are cheap to own for a brief interval. Shutterstock If you want to make a bet on declining interest rates, shares in a fund that owns long-term bonds are a good option. This table ranks exchange-traded long-term bond funds on
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