News Results

  1. South Africa's 'painful' ratings downgrade will raise borrowing costs - minister
    Reuters | 11/21/20 04:56 AM EST

    South Africa's finance ministry said on Saturday the ratings downgrade by Moody's and Fitch will increase the country's borrowing costs and constrain its fiscal framework. "The decision by Fitch and Moody's... is a painful one," Tito Mboweni, Minister of Finance, said in a statement.

  2. Credit, muni markets shrug off Treasury threat to end Fed programs
    Reuters | 11/20/20 11:37 AM EST

    The credit and municipal bond markets held fast on Friday morning after U.S. Treasury Secretary Steven Mnuchin defended his decision, first announced Thursday evening, to let several of the Federal Reserve's key pandemic lending programs end on Dec. 31.

  3. U.S. muni yields steady after Mnuchin comments-initial scale read
    Reuters | 11/20/20 11:05 AM EST

    Municipal bond yields opened steady on Friday after U.S. Treasury Secretary Steven Mnuchin defended his decision to end several Federal Reserve lending programs at year end, including one for cash-strapped states and local governments. Municipal Market Data's initial read of its benchmark triple-A yield scale was largely unchanged.

  4. BRIEF-Moody's Assigns AA2 To California's General Obligation Bonds; Outlook Stable
    Reuters | 11/02/20 09:12 PM EST

    Moody's: * MOODY'S ASSIGNS AA2 TO CALIFORNIA'S GENERAL OBLIGATION BONDS; OUTLOOK STABLE Source text for Eikon:

  5. Eight big banks must face U.S. cities' allegations of municipal bond collusion
    Reuters | 11/02/20 08:21 PM EST

    A federal judge on Monday said Philadelphia and Baltimore may sue eight big banks for allegedly conspiring to force state and local governments to pay inflated interest rates on a popular type of tax-exempt municipal bond.

  6. Eight big banks must face U.S. cities' allegations of municipal bond collusion
    Reuters | 11/02/20 02:23 PM EST

    A federal judge on Monday said Philadelphia and Baltimore may sue eight big banks for allegedly conspiring to force state and local governments to pay inflated interest rates on a popular type of tax-exempt municipal bond.

  7. Analysis: Rating agency scrutiny raises stakes for U.S. election process
    Reuters | 10/21/20 03:21 AM EDT

    As Americans go to the polls, some of the more influential observers of the election process will be the agencies that determine the country's credit rating. The country's nearly top-notch, coveted rating is partly a reflection of the dollar's status as the world's reserve currency and the fact that the roughly $20 trillion U.S. Treasury market is the largest and most liquid in the world.

  8. Analysis: Rating agency scrutiny raises stakes for U.S. election process
    Reuters | 10/21/20 01:08 AM EDT

    As Americans go to the polls, some of the more influential observers of the election process will be the agencies that determine the country's credit rating. The country's nearly top-notch, coveted rating is partly a reflection of the dollar's status as the world's reserve currency and the fact that the roughly $20 trillion U.S. Treasury market is the largest and most liquid in the world.

  9. Illinois to sell $850 million of bonds as investors brace for junk status
    Reuters | 10/19/20 05:12 PM EDT

    Illinois is scheduled to sell $850 million of bonds on Tuesday as investors demand fatter yields for the state's debt due to increased worries over its deep financial woes, which were exacerbated by the coronavirus pandemic.

  10. New York county eyes Fed loan program for cash-flow notes
    Reuters | 10/06/20 06:37 PM EDT

    New York's Suffolk County may tap a U.S. Federal Reserve loan program for state and local governments with cash-flow note deals this fall, a county official said on Tuesday. County Comptroller John Kennedy said he has preliminary approval from the Fed's Municipal Liquidity Facility for about $100 million of one-year tax anticipation notes the county plans to issue possibly later this month.

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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