Joe Biden’s upbeat forecasts for the US economy have been validated by the Federal Reserve’s signal that it will consider interest rate cuts next year, delivering respite to American households through lower borrowing costs after two years of high inflation. For months, Biden administration officials have been betting on a “soft landing” — one in
Federal Reserve Bank of New York President John Williams said it’s too early for officials to begin thinking about cutting rates as soon as March as they consider whether policy is restrictive enough to get inflation back to 2%. “We aren’t really talking about rate cuts,” Williams said Friday in an interview on CNBC. He
Connecticut is set to price $840 million of general obligation bonds next week, the state’s last issuance of a year with landmark fiscal policy decisions. The state, which renewed fiscal responsibility measures, lowered income taxes and maintained strong economic metrics, kept its solid ratings from all four agencies for the upcoming deal. “Management in Connecticut,
A proposed deal for a massive mixed-used arena project in Alexandria, Virginia, would be mostly financed through $1.05 billion in project revenue bonds issued by the newly named Virginia Stadium Authority. Details and hardening local opposition are emerging regarding the development of a 12-acre site in Potomac Yard, a former rail hub that straddles Arlington
Noel Hendrickson/Getty Images After a year full of record-high interest rates and home prices, experts say there are signs of improvement for the housing market in 2024. In December, the average mortgage rates dropped below 7% for the first time since August and after an 8% peak in October, which pushed housing costs to the
Chinese spies had run a far-right Belgian politician as an intelligence asset for more than three years in a case that shows how Beijing has conducted influence operations in an effort to shape politics in its favour. Daniel Woo, an officer in China’s Ministry of State Security spy agency, pushed Frank Creyelman, a former Belgian
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
Stay informed with free updates Simply sign up to the Sovereign bonds myFT Digest — delivered directly to your inbox. Global stocks climbed towards multiyear highs while bond yields tumbled on Thursday as traders raised their bets that central banks would begin an aggressive round of rate cuts next year. The sharp moves came after
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
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
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
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Investors and currency speculators have boosted bets on the pound as expectations grow that the Bank of England will be slower than other central banks to cut interest rates. As markets brace for central banks’
America’s local communities are woefully ill-equipped to deal with the steady onslaught of disasters happening across the country and Congressional leaders need to act to lower the threshold and permanently reauthorize the Community Development Block Grants – Disaster Relief program. That was one key message delivered during the Senate Committee on Transportation, Housing and Urban
In this article HPQ BRK.A Follow your favorite stocksCREATE FREE ACCOUNT Warren Buffett tours the floor ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska. David A. Grogan | CNBC Warren Buffett’s conglomerate Berkshire Hathaway has reduced its stake in HP to 5.2%, according to a regulatory filing released Monday night. The conglomerate previously had a nine-day
The East China headquarters of Country Garden is being shown in Zhenjiang, Jiangsu Province, China, on October 10, 2023. Nurphoto | Nurphoto | Getty Images Embattled Chinese real estate developer Country Garden may avoid a default on its yuan-denominated bonds after most holders of a local note agreed not to demand repayment this week, according to Bloomberg
Stay informed with free updates Simply sign up to the US inflation myFT Digest — delivered directly to your inbox. US inflation edged lower to 3.1 per cent for November, bolstering arguments by Federal Reserve officials that interest rates should remain at current levels during the spring. The headline consumer price index figure fell marginally
Oregon lawmakers were forced to approve $19 million in emergency funding last week to bolster its highway maintenance as winter approaches. Oregon Department of Transportation officials had begun implementing significant service reductions within maintenance and operations amid shortfalls caused by a decline in gas tax revenues, record high inflation and limitations on budgeted agency funds.
Former President Donald Trump wrote in a social media post on Sunday that he won’t testify in his $250 million civil fraud trial in New York on Monday. “I will not be testifying on Monday,” Trump wrote in an all-caps, multi-part post on Truth Social. Trump had previously been expected to return to the witness
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Israel and Hamas are bitter enemies. But they also agree on some things. Neither the government of Israel nor Hamas has any real interest in a “two-state solution” to the Israel-Palestine conflict. And neither side
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s state health insurance system has lost tens of millions of subscribers, as higher costs have put one of the world’s largest healthcare schemes out of reach for many people already struggling in a post-pandemic
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