Month: March 2020

The municipal market weakened Tuesday with AAA benchmark yields rising by as much as 15 basis points on the long end of the curve, signaling that the massive rally that began a week prior was overdone. Treasuries were also on the rise as stocks sold off near the close. The primary market remained mostly on
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The NCAA, after canceling winter and spring championships that include its lucrative “March Madness” men’s basketball tournament, was hit with a negative outlook. Moody’s Investors Service lowered its outlook on the organization’s Aa2 rating to negative from stable March 23.. S&P Global Ratings rates the Indianapolis-based organization AA, outlook stable. The organization has roughly $9.6
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The Milwaukee comptroller’s office is highlighting what it describes as the city’s tax revenue insulation from the economic turbulence caused by COVID-19 as the city prepares to wade into the market. The city — hit with two new negative rating outlooks — plans Thursday to competitively sell five series of bonds and notes. City officials
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Getty Images April 1 is here.  Meeting routine financial obligations, such as rent and student loans bills, will be a challenge for the millions of Americans who find themselves without a paycheck thanks to the coronavirus outbreak.  Overwhelmed? Scared? Begin by making a list of all your bills, experts say. At the top should be the things
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PayPal will not layoff any employees due to the coronavirus pandemic, CEO Dan Schulman said Tuesday, making the digital payments provider the latest company to make such a pledge. “We don’t intend to do any layoffs as a result of COVID-19,” Schulman said on CNBC’s “Squawk on the Street.” “This is the right thing to step up,
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Check out the companies making headlines in midday trading.  Dollar Tree — Shares of the discount retailer fell more than 7% after Dollar Tree withdrew its guidance for the year due to uncertainty around the fast-spreading coronavirus.  Amarin — Shares of Amarin tanked 70% after the pharmaceutical company received an unfavorable ruling from a Nevada court in
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Two longtime transportation leaders are looking to spearhead major infrastructure needs facing the New York City region amid an uncertain federal funding climate. AECOM, a Los Angeles-based engineering firm, tapped Tom Prendergast and Denise Berger to head its New York City leadership team. Prendergast spent more than 25 years at the Metropolitan Transportation Authority most
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A New York Supreme Court judge has dismissed the joint motion of several major banks to dismiss a whistleblower lawsuit accusing them of wrongdoing in the variable-rate market, keeping the high-stakes legal proceeding moving toward a future trial. Justice Andrew Borrok issued his ruling late last week and it was filed Monday. Borrok found that
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The Federal Reserve has opened a temporary repurchase agreement facility for foreign central banks to support the smooth functioning of financial markets. The program will allow participants to temporarily exchange U.S. Treasuries for dollars, which can then be made available to institutions in their jurisdictions. Bloomberg News “This facility should help support the smooth functioning
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Investors who are seeking to capitalize on the stock market’s recent steep declines must be disciplined, Bank of America Vice Chairman Keith Banks said Tuesday.  “I think a lot of people are trying to get clever and time the market,” Banks said on “Squawk Box.” “The reality is, it’s time in the market, not timing the market.”
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Larry Fink Olivia Michael | CNBC Larry Fink, CEO of the world’s biggest asset manager BlackRock, told shareholders that the economy will recover from the coronavirus pandemic, and when it does, there will be “tremendous opportunities” to be had.  “In my 44 years in finance, I have never experienced anything like this,” Fink said in
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A multiyear boom in mergers and acquisitions activity came to a halt by the end of March, as the fallout from the coronavirus pandemic ravaged corporate share prices and redirected the focus of executives towards saving their own companies instead of trying to buy others.  Deal activity last week totalled just $12.5bn, the lowest weekly total
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A very important piece of resulting legislation, the Glass-Steagall Act, established the FDIC as one of many comprehensive safeguards against the financial calamities of the time. Many of these safeguards have come to rescue the economy, or at least mitigate damage, during times of financial crisis. The FDIC insures bank deposits owned by corporations, partnerships,
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As world markets, especially U.S. markets, tremble on surging cases of the coronavirus, there’s one market seeing investors return: China. The infection rate of coronavirus has slowed in China, and there appears to be a growing appetite among fund managers to start buying Chinese assets again. Pinebridge Investments, a New York-based firm, is going “all
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Thirteen municipal market participants, including ex-regulators and well-known analysts, will have a say on the future of EMMA as members of the Municipal Securities Rulemaking Board’s new transparency advisory group. The MSRB announced the members of its new Market Transparency Advisory Group Monday. Its members will advise the MSRB’s board of directors on ways to
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