Washington

President Donald Trump said he won’t nominate Herman Cain for a seat on the Federal Reserve Board after opposition from his own Republican party appeared to sink the former pizza company executive’s hopes for Senate confirmation.

An inverted Treasury yield curve is no longer a reliable signal of recession, and what matters more is the level of the curve.

Risky assets are reacting more strongly to hawkish monetary shocks from the Federal Reserve in recent years, according to Goldman Sachs Group Inc. The reason, ironically, is that the Fed is losing its forecasting edge.

Plans in Illinois, Kentucky, Connecticut and New Jersey still show low funded ratios, while the best funded plans experience better-than-average returns.

The U.S. economy grew at a slight-to-moderate pace in March and early April, though a few districts “reported some strengthening,” a Federal Reserve survey showed.

The Municipal Securities Rulemaking Board is making its MuniEdPro free for all market participants.

On deck for the meeting scheduled for next week, the MSRB's Board of Directors will discuss pennying, upcoming EMMA enhancements and financial disclosure timeliness by issuers.

The White House is interviewing candidates to potentially replace Herman Cain and Stephen Moore as Donald Trump’s picks for the Federal Reserve Board, the president’s top economic adviser said.

Fallback language is expected to be released before year-end by the Alternative Reference Rates Committee convened by the Federal Reserve and ISDA.

The SEC’s Technology and Electronic Trading Subcommittee meets on pennying.