NEW YORK - The European Central Bank announced its Governing Council cut interest rates 25 basis points at its latest monetary policy meeting Thursday.
The minimum bid rate on variable-rate refinancing operations was dropped to 0.75% from 1.00%, the marginal lending rate was cut to 1.50% from 1.75% and the deposit rate, the floor for euro money market rates, was slashed to zero from 0.25%.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
