The confident view that the Bank of Canada was done cutting rates for good had some water thrown in the face on Friday, as real gross domestic product contracted by a "hefty" 0.3% month over month in August, which came as a negative surprise to the flat performance penciled in by the consensus community, and wiped out the advance posted in July, said Rosenberg Research.
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high Flood and Hurricane Scores, according to ICE Climate Data. A $6 million offering from Polk, Iowa, records a Flood Score of 4.8 out of 5.0, ICE reports.
Morgan Stanley said it expects the Reserve Bank of Australia to hold in a unanimous decision this week. The RBA is scheduled to release its policy statement at 10:30 p.m.ET on Monday.
In a recent note, analysts at?Morgan Stanley?have highlighted two significant risks that could potentially impact the U.S. stock market in the near future. The analysts pointed out that the Federal Reserve?s cautious approach to?potential interest rate cuts and?signs of strain in overnight funding markets are the primary risks facing the equity market,?reported?Investing.com on Monday.
Bank of Canada Governor Tiff Macklem participates in a fireside chat at 1:30 p.m. ET on Monday, said Scotiabak. However, it's hard to imagine him saying anything materially different from last Wednesday's policy meeting communications, stated the bank. On the Canadian gross domestic product, Macklem is likely to say the BoC's forecasts are on track, stated Scotiabank.
Friday's Labour Force Survey will highlight a soft jobs market in Canada, said Bank of Montreal. The bank noted it doesn't expect that to change in October, with an estimated 10,000 job gains, leaving the jobless rate steady for the third straight month.
Sterling has weakened ahead of Thursday's latest Bank of England policy meeting, said MUFG. EUR/GBP was attempting to break above the 0.8800 level at the end of last week, while GBP/USD broke back below support from the 200-day moving average at around 1.3250 for the first time since April and then hit a low of 1.3097 on Friday, wrote the bank in a note.
Canada's job market data on Friday is expected to show further evidence of stabilization in October, said RBC. Canada is slated to release the October Labour Force Survey on Friday at 8:30 a.m. ET. The bank expects employment to show a 10,000 increase in October.
What should home buyers and home sellers focus on in today?s changing housing market? In Summerville, home prices have held steady even as the pace of sales has cooled from the rapid growth of previous years. The article explains that higher interest rates, influenced by Federal Reserve policies, remain a key challenge for home buyers.
While the move helps avoid potential liquidity crises that could damage financial markets, it falls short of being as stimulative to risk assets as the Fed's other moves, such as QE.
During his latest appearance on The Joe Rogan Experience, Tesla Inc. Elon Musk warned that the U.S.'s ballooning national debt and looming Social Security shortfall could push the country toward bankruptcy.
The Toronto Stock Exchange rose for a second-straight day Friday as CIBC's Avery Shenfeld guessed the Bank of Canada may move next week to sound "a bit less definitive about whether they are done or not" with rate cuts, while he also played down fears around rising federal deficits provided the government sees a "credible path" to lowering them ahead.
Next week's issuance is slated to be "substantial" ? an estimated $13.1 billion ? although that is expected to be met with "solid" November reinvestment capital, J.P. Morgan strategists said.
TeraWulf Inc. (WULF), a leading owner and operator of vertically integrated, low-carbon digital infrastructure, today completed its previously announced offering of 0.00% Convertible Senior Notes due 2032 in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended.
Financial stocks were mixed in late Friday afternoon trading with the NYSE Financial Index down 0.1% and the Financial Select Sector SPDR Fund adding 0.3%. The Philadelphia Housing Index rose 0.2%, and the Real Estate Select Sector SPDR Fund gained 0.3%. Bitcoin rose 0.8% to $109,178, and the yield for 10-year US Treasuries was little changed at 4.09%. In regulatory news, the Federal Reserve pl...
Dallas Fed President Lorie Logan said Friday that she would have preferred to hold interest rates steady this week amid price pressures, taking the same policy view as that of her Kansas City counterpart. Logan is an alternate member of the Federal Open Market Committee this year, which means she gets to vote at a meeting if a scheduled voter is not available.
Financial stocks were mixed in late Friday afternoon trading with the NYSE Financial Index down 0.5% and the Financial Select Sector SPDR Fund adding 0.3%. The Philadelphia Housing Index eased 0.1%, and the Real Estate Select Sector SPDR Fund rose 0.3%. Bitcoin rose 0.8% to $109,178, and the yield for 10-year US Treasuries was little changed at 4.09%. In corporate news, Coinbase shares climbed ...
"Sometimes," wrote CIBC's Avery Shenfeld, in his regular 'The Week Ahead' column, "there's nothing more the doctor can do for you", in noting that was "essentially the message" from the Bank of Canada this past week, when it "delivered a much needed dose of interest rate relief, but suggested that its medicine chest might be bare in terms of any additional monetary easing unless the upcoming ne...
Over at CIBC, Avery Shenfeld is expecting to see an employment report next Friday that's "roughly in line with the tame six month pace", but also potentially just enough to keep the jobless rate at an elevated 7.1% pace.
Dallas Fed President Lorie Logan said that she would have preferred to have maintained the target range for the federal funds rate at the October Federal Open Market Committee meeting, saying that was no need for another preemptive rate cut after the September reduction and adding that there may not be a need for a rate cut in December unless there is evidence that the labor market is cooling m...
The 10th Circuit Court of Appeals ruled against Custodia nine months after hearing arguments in the company's effort to secure a Federal Reserve master account.
US benchmark equity indexes were mixed intraday as Amazon.com (AMZN) shares surged following its third-quarter results, while investors parsed comments by two Federal Reserve officials.
Financial stocks fell in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund each dropping 0.3%. The Philadelphia Housing Index declined 0.6%, and the Real Estate Select Sector SPDR Fund shed 0.4%. Bitcoin rose 0.6% to $108,975, and the yield for 10-year US Treasuries was little changed at 4.09%. In regulatory news, the Federal Reserve plans to shrin...
Financial stocks fell in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund each dropping 0.3%. The Philadelphia Housing Index declined 0.6%, and the Real Estate Select Sector SPDR Fund shed 0.4%. Bitcoin rose 0.6% to $108,975, and the yield for 10-year US Treasuries was little changed at 4.09%. In corporate news, Bancorp shares fell 15% after the c...
Bloom Energy Corporation (BE) traded lower on Friday after unveiling a large private offering of zero-coupon convertible notes due 2030. The fuel cell maker priced $2.2 billion in total principal, up from $1.75 billion. Bloom Energy (BE) is issuing senior, unsecured notes maturing on November 15, 2030.
Issuance year-to-date is $493.063 billion, up 9.3% from $451.079 billion over the same period. With issuance estimated at $13.118 billion in the first week of November, 2024's $500-plus billion record should fall within the next week or two.
Desjardins on Friday commented on an unexpected drop in Canada August Gross Domestic Product. " The Canadian economy continued to sputter in August and September. MT Newswires does not provide investment advice.
Kansas City Fed President Jeffrey Schmid said Friday in a statement explaining his dissenting vote at this week's Federal Open Market Committee meeting that with the labor market in balance and inflation elevated, he would have preferred no change in the target range for the federal funds rate.
The school system, which has an AA underlying bond rating from S&P, was targeted by the Texas Education Agency for a takeover based on academic performance.
The latest drop in U.S. mortgage rates to 6.17% signals broader optimism across American lending markets. How Mortgage Rates Affect Personal Loans Mortgage rates, connected to Treasury yields and Federal Reserve policy, just hit a new low at 6.17%. This movement, often prompted by anticipated cooling inflation, puts downward pressure on other borrowing costs.
As more states move towards resetting their Congressional districts questions arise over how redistricting will affect the balance of power and eventually tax policy.
The Federal Open Market Committee should have maintained the target range for the federal funds this rate rather than voting to lower it given the current outlook and may not need to lower rates further in December, Dallas Federal Reserve Bank President Lorie Logan said Friday at a banking conference sponsored by the Dallas Fed. Logan is not currently a voter on the FOMC but will vote in 2026.
The Federal Reserve plans to shrink its banking supervision division by about 30% by the end of next year, reducing staff to around 350 from 500, The Wall Street Journal reported Friday, citing an internal memo. The report said the move, announced by Vice Chair Michelle Bowman, reflects her plan to streamline the division by reducing management layers and restructuring operations.
Franklin Templeton upped the ante in its ETF expansion with five new municipal bond funds each offering a different flavor of tax-free income for investors navigating an uncertain rate environment.
Real gross domestic product contracted 0.3% in August, offsetting most of July's 0.3% expansion, with decreases in goods-producing and services-producing industries, Statistics Canada said Friday.
In a deal completed on Oct. 27, the asset manager merged its JPMorgan National Municipal Income Fund into the JPMorgan Municipal ETF. The merger immediately made JMUB the biggest active municipal bond ETF in the United States with $5.8 billion in assets under management, according to the company.
The US dollar rose against its major trading partners early Friday, except for a decline versus the euro, before another light data schedule that includes only the Chicago purchasing managers' index report for October at 9:45 am ET and an update to the Atlanta Federal Reserve's gross domestic product Nowcast estimate around midday.
The Los Angeles Department of Water and Power will sell $977.6 million of water revenue bonds as it grapples with the impacts of January's devastating wildfire.
European bourses tracked moderately lower midday Friday as traders weighed the Thursday rate pause by the European Central Bank and digested recent earnings-season reports. Oil and tech stocks led broad declines on continental trading floors.
MSCI (MSCI) said Friday that it priced its registered public offering of $500 million of 5.15% senior unsecured notes due 2036 at 99.65%. The company said it plans to use the net proceeds for general corporate purposes, which may include common stock repurchases, investments and acquisitions. The offering is expected to settle on Thursday. MT Newswires does not provide investment advice.
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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