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Enjoy complimentary access to top ideas and insights — selected by our editors. From the personnel shifts among various firms following Citi’s exit from the muni business to the evolution of the buy-side, including the massive growth of separately managed accounts, as well as major regulatory changes, 2024 brought substantial changes to the public finance
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A yard sign in New Liberty, Iowa, in 2023. Carbon capture and storage projects, including pipelines to transport the CO2, have faced opposition from local landowners and environmental groups.Bloomberg News Carbon capture — a process with proponents and opponents on both sides of the political spectrum — may be at a pivotal point in the
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Texas Attorney General Ken Paxton addresses the Conservative Political Action Conference in February 2024. On Tuesday, he announced his office will end reviews of Bank of America, Morgan Stanley, and JP Morgan after they withdrew from the Net-Zero Banking Alliance.Bloomberg News Texas Attorney General Ken Paxton lauded recent moves by Bank of America, Morgan Stanley,
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The SEC has asked for feedback on the existing collection of information for Rule 15c2-12 on disclosure.Bloomberg News The Securities Industry and Financial Markets Association is urging the Securities and Exchange Commission to consider revamping disclosure rule guidelines and says the commission underestimates the burden the rule puts on underwriters. SIFMA outlined its concerns over
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“We have a sort of ideological divide in the Republican party that’s gotten to the point where it’s intractable on some issues, in particular, anything spending and debt related,” said Joshua Huder, senior fellow, Government Affairs Institute at Georgetown University. Georgetown University Political prognosticators are looking forward to the new Congress and seeing the result of
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Judges challenged both sides during a hearing on whether the U.S. government should be held responsible for COFINA bondholder losses.jiawangkun – Fotolia Appeals court judges sharply questioned both sides at a hearing to determine whether the United States government should be held responsible for losses by Puerto Rico Sales Tax Corp. (COFINA) bondholders. If the
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<img src=”https://public.flourish.studio/visualisation/21085078/thumbnail” width=”100%” alt=”chart visualization” /> Municipals sold off Wednesday, with the largest losses out long, while U.S. Treasuries closed with small gains and equities were mixed after Fed meeting minutes showed a more cautious approach and slower pace to rate cuts. Muni yields were cut up to 12 basis points, depending on the curve,
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North Carolina State Treasurer Brad Briner said his appointments to the state’s Investment Advisory Committee would improve the pension system’s growth. The North Carolina Local Government Commission approved several bond deals at its meeting Tuesday. Approved were $252 million, $90 million and $45 million of bonds for Mecklenburg County, a $200 million bond for the
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The Gandy Bridge across Old Tampa Bay. Florida sold bonds Wednesday to finance the building and repair of bridges and acquire right-of-way for roads.Bloomberg News Florida sold $131.9 million of bonds Wednesday with double-barreled backing from the state’s fuel taxes and full faith and credit pledge. The Florida Department of Transportation sold right-of-way acquisition and
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The St. Paul hospital campus of Children’s Minnesota. The nonprofit health system plans a bond sale the week of Jan. 13..Children’s Minnesota Nonprofit health system Children’s Minnesota will refinance some debt and take out new debt to fund an electronic records transition, renovations at three hospitals and the purchase of medical equipment. The city of
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<img src=”https://public.flourish.studio/visualisation/20997687/thumbnail” width=”100%” alt=”chart visualization” /> Municipals had a stronger tone Tuesday as investors closed their books ahead of the New Year holiday while U.S. Treasuries were mixed and equities saw losses for the final session of 2024. While municipals have outperformed USTs on the whole in 2024, they will close December with losses. How
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For decades, Art Cashin, UBS’ director of floor operations at the New York Stock Exchange, would write a New Year’s poem to reflect back on the year’s events. With Cashin’s passing earlier this month, his sons, Arthur and Peter, sent this homage to their father: Some Other Cashins’ Comments:  An Homage PresentationDecember 30, 2024  by
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Home Depot navigated a challenging 2024 marked by elevated interest rates and a cautious consumer. But as the year progressed, signs of recovery emerged, setting the stage for a rebound in 2025, fueled by increased housing turnover and pent-up demand in the home improvement market. Year-to-date performance: up 12% Forward price-to-earnings multiple: 25 versus a
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Russian gas flows through Ukraine are set to stop on Wednesday when a transit deal between the two countries expires in the wake of Moscow’s full-scale invasion. The pipeline was one of the last two routes still carrying Russian gas to Europe nearly three years into the full-scale war. EU countries will lose about 5
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Investors pulled a record $450bn out of actively managed stock funds this year, as a shift into cheaper index-tracking investments reshapes the asset management industry. The outflows from stockpicking mutual funds eclipse last year’s previous
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<img src=”https://public.flourish.studio/visualisation/20989474/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were slightly stronger as U.S. Treasury yields fell and equities ended down. Muni yields were bumped up to four basis points, depending on the scale, while UST yields fell five to nine basis points with the biggest gains 10 years and in. The two-year municipal to UST ratio
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