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☆ Turn to this high-quality income play for the new year, Wells Fargo Investment Institute says
▼ + stars: | 2023-11-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors who hope to generate portfolio income while recession fears ramp higher can seek some safety in municipal bonds. Wells Fargo Investment Institute recently issued its fixed income guidance for 2024, forecasting "higher for longer" rates across the yield curve as the Federal Reserve remains vigilant to bring down inflation. Municipal bonds offer a combination of characteristics that appeal to investors: General obligation bonds are backed by the revenue of the municipality issuing them. "Going into a slowdown, you anticipate rates to fall," said Brian Rehling, head of global fixed income strategy at Wells Fargo Investment Institute. The top marginal income tax rate is 13.3% in California and well over 10% in New York and New Jersey.

Persons: Brian Rehling, Jennifer Johnston, Franklin Templeton, Johnston Organizations: Wells, Wells Fargo Investment Institute, Federal Reserve, Fargo Investment Institute, AAA, Muni Bond ETF, Vanguard, Bond, Fed, New York Life Investments, Investors, York State, Metropolitan Transportation Authority Locations: Wells Fargo, Fargo, New, California, New York, New Jersey, York

"A fiscal commission is direly needed," Republican Senator Mike Braun, a Budget Committee member, said in an interview. It circulated ideas from a dozen experts on how a commission could offer up solutions for taming deficits and debt. Other recommendations included subjecting high-income earners to more Social Security taxes and gradually raising the age for full retirement benefits to 69 from the current 67. A commission, said independent Senator Bernie Sanders, who caucuses with Democrats, would simply be "a backdoor way to get into cutting Social Security." Sanders embraced lifting the cap on taxable income to extend the life of the Social Security trust fund.

Persons: Kevin Wurm, Mike Braun, Braun, Moody's, Fitch, Michael Peterson, Peter G, Mark Zandi, Dana Peterson, Lori Esposito Murray, Joe Manchin, Mitt Romney, Bernie Sanders, Sanders, Richard Cowan, Moira Warburton, Grant McCool Organizations: U.S, Capitol, REUTERS, Rights, Congress, Treasury Department, Republican, AAA, Peterson Foundation, Conference Board, Democratic, Representatives, Social Security, Social, Thomson Locations: Washington , U.S

REUTERS/Rick Wilking/File Photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - Goldman Sachs (GS.N) expects the U.S. Treasuries curve to steepen in the long term, driven by rising fiscal spending, top executives said. "Fiscal spending has not abated. Benchmark 10-year Treasury yields, which move inversely to prices, hit 5% last month for the first time since 2007. Demand for long-dated Treasuries has slipped in the last six months from central banks, U.S. regional banks and sovereign wealth funds, said Jim Esposito, who jointly runs Goldman's global banking and markets division. "Our economists think most central banks will start cutting rates next year, albeit slowly.

Persons: Rick Wilking, Goldman Sachs, Ashok Varadhan, Goldman's, Fitch, Moody's, government's, Treasuries, Jim Esposito, they've, Esposito, Lananh Nguyen, Davide Barbuscia, Richard Chang Organizations: REUTERS, U.S, Treasury, Federal Reserve, Thomson Locations: Westminster , Colorado, U.S, QE, China

☆ Dollar falls to 2-1/2 month low on Fed expectations, yen strengthens
▼ + stars: | 2023-11-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Markets have priced out any additional Fed rate hikes, as recent data has shown a slowing of the economy and inflation pressures - but not enough to increase fears a sharp recession is looming. "The market is convinced, both credit, equities and currencies that the Fed has finished raising rates, but the Fed is not willing to say so. "So you're getting a gradual weakening in the dollar, simply because the Fed is doing its best to prop up rates, not necessarily the dollar, but to prop up rates." Against the yen the dollar was last traded at 148.36 yen , down 0.84%.

Persons: Dado Ruvic, CME's, we've, Joseph Trevisani, Thomas Barkin, Moody's, Sterling, Chuck Mikolajczak, Jonathan Oatis Organizations: REUTERS, U.S . Federal Reserve, Conference, Fed, Richmond Federal, Central Bank, Thomson Locations: U.S

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Closely watched U.S. treasury yields slipped after auction, while global oil futures gained $2 on the prospect of supply cuts. Europe's benchmark STOXX index (.STOXX) inched up 0.1%, with energy stocks (.SXEP) leading gains. The healthcare sector (.SXDP) fell after shares in Bayer (BAYGn.DE) dropped to their lowest in 14 years. The dollar index fell to 103.26, its weakest since the start of September, as investors appeared to solidify bets that the Fed could start cutting interest rates next year.

Persons: Brendan McDermid, Dow Jones, Quincy Krosby, Krosby, Ricardo Evangelista, Goldman Sachs, Moody's, Brent, Chris Prentice, Wayne Cole, Lawrence White, Lincoln, Susan Fenton, Will Dunham, Sharon Singleton, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, U.S, Bayer, Nasdaq, Microsoft, Nikkei, Trading, LPL, Tech, European Central Bank, NAB, Thomson Locations: New York City, U.S, SYDNEY, Thursday's U.S, United States, Europe, Italy, New York, Sydney, London

☆ Dollar falls to two-month low on Fed view, yen strengthens
▼ + stars: | 2023-11-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Markets have priced out any additional Fed rate hikes, as recent data has showed a slowing of the economy and inflation pressures - but not enough to increase fears a sharp recession is looming. "The market is convinced, both credit, equities and currencies that the Fed has finished raising rates, but the Fed is not willing to say so. "So you're getting a gradual weakening in the dollar, simply because the Fed is doing its best to prop up rates, not necessarily the dollar, but to prop up rates." Against the yen the dollar was traded at 148.40 yen , down 0.81%.

Persons: Dado Ruvic, CME's, we've, Joseph Trevisani, Thomas Barkin, Moody's, Sterling, Chuck Mikolajczak, Jonathan Oatis Organizations: REUTERS, U.S . Federal Reserve, Conference, Fed, Reserve Bank of Richmond, Central Bank, Thomson Locations: U.S

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. The MSCI World Equity Index (.MIWD00000PUS) gained 0.38% by 10:37 a.m. EST (1537 GMT) and Europe's benchmark STOXX index (.STOXX) rose 0.08%. The tech-heavy index (.IXIC) gained 0.44% to 14,187.16, as the Dow Jones (.DJI) rose 0.25% to 35,035.33 and the S&P 500 index (.SPX) gained 0.27% to 4,526.14. The dollar index fell to 103.46, its weakest level since the start of September, as investors appeared to solidify bets that the Fed could start cutting rates next year. "Dovish minutes could trigger some downside risk for the dollar," Ricardo Evangelista, senior analyst at ActivTrades, said.

Persons: Brendan McDermid, Dow Jones, Israel, Ricardo Evangelista, Goldman Sachs, Moody's, Brent, Chris Prentice, Wayne Cole, Lawrence White, Lincoln, Susan Fenton, Sharon Singleton, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, Global, U.S, Nasdaq, Microsoft, Nikkei, Hamas, Tech, Treasury, European Central Bank, NAB, Thomson Locations: New York City, U.S, SYDNEY, United States, Gaza, Europe, Italy, New York, Sydney, London

☆ Structural demand for US debt strong despite bond market volatility - Moody's
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNov 20 (Reuters) - The structural demand for U.S. debt which underpins the dollar-based global financial system remains strong against the backdrop of recent Treasury market volatility, Moody's Investors Service said on Monday. The firm added U.S. financial regulators have undertaken a series of measures to improve Treasury market resilience and efficiency, and that it expects the market structure will continue to evolve. "Going forward, as the Fed reduces its Treasury holdings, foreign central banks, pension funds, insurance companies and households will be stabilizing factors in the market," Moody's said in a client note. Earlier this month, Moody's lowered its outlook on the U.S. credit rating to "negative" from "stable" citing large fiscal deficits and a decline in debt affordability. Treasury yields have soared this year on expectations the Federal Reserve will keep monetary policy tight, as well as on U.S.-focused fiscal concerns.

Persons: Carlo Allegri, Moody's, Manya Saini, Shounak Dasgupta Organizations: New York Stock, REUTERS, Moody's Investors, Treasury, Reserve, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

☆ Morning Bid: Thanksgiving starters of AI and oil
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike Dolan. Thanksgiving may make for a clipped U.S. markets week, but there's plenty to chew on around the world before then - and a feast of intrigue in the artificial intelligence space. His plans include shutting the central bank, ditching the peso and dollarizing the economy and slashing spending with potentially painful reforms. The risk premium between German and Italian 10-year yields tightened to 170 bps - the lowest since Sept. 21.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, That's, thrall, Javier Milei, Milei, Jeremy Hunt, Andrew Bailey ,, Francois Villeroy de, Pablo Hernandez de Cos, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Microsoft, Big Tech, Nvidia, Treasury, Federal Reserve, Bank, Bayer, Federal Reserve Bank of England, Andrew Bailey , Bank of France, Bank of Spain, Technologies, Keysight Technologies, Holdings Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, OPEC, Tokyo, Europe, Canada, Francois Villeroy de Galhau

MPS shares were down 7.8% at 2.83 euros by 1145 GMT on Tuesday, reflecting the impact of the sale. EU COMMITMENTSBofA Securities, Jefferies and UBS Europe coordinated the accelerated bookbuilding for the stake sale, the Treasury said in a statement. Commitments Italy agreed with European Union competition authorities at the time of the bailout bind Rome to eventually sell its entire stake in the bank. Two years ago heavyweight UniCredit (CRDI.MI) sank the government's privatisation efforts, forcing Rome to seek more time from the EU. The stake sale is seen as giving Italy more flexibility to pursue a long-term solution for MPS via a merger with a rival, after negotiations with UniCredit were complicated by an impending re-privatisation deadline.

Persons: Jennifer Lorenzini, Luigi Lovaglio, Giancarlo Giorgetti, Giorgia Meloni, Valentina Za, Lincoln, Richard Chang, Mark Potter Organizations: Monte, REUTERS, Treasury, MPS, BofA Securities, Jefferies, UBS Europe, European Union, Reuters, Economy, Banco, BPER Banca, EU, Thomson Locations: Monte dei, Siena, Italy, MILAN, Rome

☆ Ray Dalio says US is reaching an 'inflection point' as debt starts rapidly accelerating
▼ + stars: | 2023-11-20 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

The US is nearing an "inflection point" as the debt pile accelerates, Ray Dalio told CNBC. AdvertisementThe US's fiscal situation is heading for an "inflection point" as government debt grows faster than income, according to billionaire investor Ray Dalio. With the government borrowing more money to just pay for debt service while spending continues unabated, the hole gets deeper and deeper, he said on a CNBC interview on Friday. AdvertisementSuch issues have also impacted foreign demand, Dalio warned, noting that 40% of US debt is sold to foreigners. We are near that inflection point."

Persons: Ray Dalio, —, it's, Torsten Sløk Organizations: CNBC, Service, Bridgewater Associates, Apollo Management

☆ Morgan Stanley urges higher quality corporate bonds as 2024 maturities approach
▼ + stars: | 2023-11-20 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 20 (Reuters) - Investment bank Morgan Stanley (MS.N) is recommending that corporate bond investors focus on higher quality investment-grade and high-yield bonds headed into next year, as a wave of maturities poses risk to more junk-rated companies. Morgan Stanley said it suspects the Federal Reserve has neared the end of its rate-hiking cycle, with a soft landing for the economy in the cards next year. As maturities hit next year, 15-20% of this ratings class is likely to see downgrades to CCC, according to Morgan Stanley. Downgrades will not be limited to junk issuers, Morgan Stanley added. On the leveraged loan front, Morgan Stanley said it expects a return in loan issuance next year for M&A and leveraged buyouts, buoyed in part by anticipated Fed rate cuts.

Persons: Brendan McDermid, Morgan Stanley, maturities, Downgrades, Matt Tracy, Stephen Coates Organizations: Wall, REUTERS, Investment, Federal Reserve, BBB, Thomson Locations: New York, U.S

☆ Moody's upgrades Portugal's rating two notches, despite political crisis
▼ + stars: | 2023-11-18 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

Portugal's government nationalised a small private bank, Banco Portugues de Negocios (BPN), on Sunday as the international financial crisis claimed its first victim in the Iberian country. REUTERS/Jose Manuel Ribeiro (PORTUGAL) Acquire Licensing RightsLISBON, Nov 18 (Reuters) - Moody's upgraded Portugal's long-term issuer rating two notches to A3 from Baa2, despite the political crisis triggered by the resignation of the country's prime minister due to an investigation into alleged irregularities in his government. Moody's said it appeared the country's institutions were dealing with the crisis in an "effective and transparent manner". The 2024 budget, which is set to be approved by the Socialist parliamentary majority on Nov. 29, projects economic growth slowing down to 1.5% in 2024 from the 2.2% growth expected this year. It sees "significant private and public investments as well as the implementation of further structural reforms", both linked to the country's recovery plan.

Persons: Jose Manuel Ribeiro, Antonio Costa, Marcelo Rebelo de Sousa, Moody's, Fernando Medina, Medina, Sergio Goncalves, David Latona Organizations: Banco Portugues de, Rights, Finance, Socialist, Thomson Locations: Portuguese, Lisbon, Banco Portugues de Negocios, PORTUGAL, Rights LISBON, Baa2, Portugal

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Rising U.S. government debt and fiscal deficits that have helped lift government bond yields this year will likely become secondary factors for investors, as their focus shifts to economic fundamentals, Citi analysts said. "Our baseline is that over time investors accept these fiscal risks as a fact of life and that ultimately it is not supply and demand that determine Treasury yields but it's more about the fundamentals of the economy," he said. Moody's, which last week lowered its outlook on U.S. credit, expects the government to continue to run wide fiscal deficits due to increased spending and higher debt interest payments. Some Fed officials have also said rising bond yields, which make access to credit more expensive, could be a substitute for increasing interest rates further. "There is going to be an extraction of higher yields from these investors," cautioned Mathai.

Persons: Shannon Stapleton, Fitch, Moody's, Nathan Sheets, Ray Dalio, Jabaz Mathai, Mathai, Davide Barbuscia, Ira Iosebashvili, Diane Craft Organizations: REUTERS, U.S, Citi, Office, Associates, CNBC, Treasury, Federal Reserve, Thomson Locations: New York City, U.S

☆ Moody's lifts Italy's debt outlook to stable in boost for Meloni govt
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Nov 17 (Reuters) - Moody's on Friday left Italy's sovereign debt rating at Baa3, one notch above junk, but upgraded the outlook to stable from negative, in an unexpected boost for Prime Minister Giorgia Meloni's government. Most analysts had expected the agency to leave both Italy's rating and outlook unchanged. Moody's had put the euro zone's third-largest economy on a negative outlook in August last year following a government collapse and in the midst of an energy crisis. "The decision to change the outlook to stable from negative reflects a stabilisation of prospects for the country's economic strength, the health of its banking sector and the government's debt dynamics," Moody's said. The European Commission forecast on Wednesday that Italy's debt, proportionally the second-highest in the euro zone, would rise marginally from a projected 140% of national output this year to 141% in 2025.

Persons: Giorgia, Moody's, DBRS, Fitch, Giancarlo Giorgetti, Gavin Jones, Keith Weir, Shounak Dasgupta, Rosalba O'Brien Organizations: P, Economy, Analysts, Saikeerthi, Thomson Locations: Italy, Germany, Bengaluru

☆ Morning Bid: Treasury yields dive as oil craters, economy softens
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +5 min

U.S. two-year Treasury yields skidded below 4.80% on Friday for the first time since September 1, with 10-year yields dropping under 4.40% to September lows too. Crude has now lost almost 25% in just six weeks - aided by the U.S. gradually lifting oil sanctions on Venezuela. The Labor Department said import prices fell a whopping 0.8% in October, the most in seven months amid a broad decline in the costs of goods - deepening the annual deflation of import prices to as much as 2.0%. Even though the dollar (.DXY), , is taking a hit from the plunge in U.S. Treasury yields, the drop in sovereign borrowing rates was mirrored across the world in Europe , even Japan . Mirroring the softening demand picture elsewhere, British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home.

Persons: Lucas Jackson, Mike Dolan, plumb, Morgan, Susan Collins, Mary Daly, Austan Goolsbee, Michael Barr, Dave Ramsden, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Walmart, Cisco, Alibaba, Philadelphia Federal Reserve, Labor Department, Treasury, Hong, Housing, Atlanta, Boston Federal, San Francisco Fed, Chicago Fed, Bank of England, United States, APEC, Graphics, Thomson, Reuters Locations: New York, U.S, Wall, Alibaba ., Venezuela, Europe, Japan, HK, Hong Kong, China, San Francisco

☆ UBS likes these income plays as Treasury yields come down from recent highs
▼ + stars: | 2023-11-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Treasury yields have retreated, and that's good news for one kind of income asset – preferred securities, according to UBS. US10Y YTD line U.S. 10-year Treasury yield in 2023 This month has offered some relief as the 10-year Treasury yield slipped back below 4.5%. "Indeed, a dramatic rate pullback in the early days of November has already sparked a sharp rebound in preferreds," Sileo said. "Callable in July 2028, this fixed-for-life perpetual pays a high 7.375% fixed coupon and offers an attractive [yield to call/current yield]." Investors can receive an attractive yield on a high-quality crossover credit, recently upgraded by S & P following the acquisition by Brookfield [Infrastructure]."

Persons: preferreds, Frank Sileo, US10Y, Sileo, Callable, Michael Bloom Organizations: UBS, Americas, Treasury, Moody's Investors Service, Allstate, Triton International, Triton, Brookfield Locations: preferreds, Infrastructure

☆ Fitch says US regional bank challenges to persist in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 15 (Reuters) - Rating agency Fitch said on Wednesday that U.S. regional banks will face continued challenges in 2024, with those lacking scale or focused on commercial loan growth disproportionately pressured. Fitch said that a delay in meaningful loosening of monetary policy would likely translate into "sustained competition for deposits" and "stubbornly weak loan growth." Large regional banks focused on commercial loan growth saw the weakest credit demand, which in some cases reached double digit declines on an annualized basis, Fitch said. In third quarter earnings, a string of regional banks reported pressure on net interest income (NII), the difference between what banks earn from lending and pay out on deposits, which hit some of their shares.

Persons: Brendan McDermid, Fitch, Bill Gross, Pritam Biswas, Megan Davies, Shounak Dasgupta, Jonathan Oatis, Cynthia Osterman Organizations: Wall, REUTERS, Valley Bank, Federal Reserve, Thomson Locations: New York, U.S, SVB, Bengaluru

"Given the absence of a growth engine, it wouldn't surprise me if the Japanese economy contracted again in the current quarter. The risk of Japan falling into recession cannot be ruled out," said Takeshi Minami, chief economist at Norinchukin Research Institute. "The weak growth and the spectre of slowing inflation could delay the BOJ's exit from negative interest rates," he said. Japan’s economy contracts in the third quarterThe weak reading reflects lacklustre consumption and capital expenditure, dashing policymakers' hopes for a post-pandemic rebound in domestic activity to offset weaker external demand from China and elsewhere. He said better net exports, underpinned by car shipments and tourism, helped lift growth in the second quarter, belying the weakness in domestic demand.

Persons: Androniki, Takeshi Minami, Stefan Angrick, Angrick, Fumio Kishida, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Norinchukin Research, Gross, Moody's, Thomson Locations: Tokyo, Japan, TOKYO, China

China detained the executive, named in several media reports as Hiroshi Nishiyama, on suspicion of espionage in March, and he was formally arrested last month. Japan's then foreign minister protested the executive's detention with his Chinese counterpart on a visit to Beijing in April. China's foreign ministry did not immediately respond to a request for comment. Half the respondents in a recent survey of Japanese companies doing business in China said they would cut investments this year. It's a very difficult point in time to be navigating that as a decision maker, in business or politics," he said.

Persons: Fumio Kishida, Xi Jinping, Rahm Emanuel, Hiroshi Nishiyama, Japan's, Xi, Masashi Mizobuchi, Nishiyama, Takeshi Niinami, Niinami, Stefan Angrick, Yukiko Toyoda, Kiyoshi Takenaka, John Geddie, Sakura Murakami, Francis Tang, Laurie Chen, Antoni Slodkowski, Andrew Silver, Lincoln Organizations: Economic Cooperation, Kyodo, drugmaker Astellas Pharma, APEC, Reuters, Japanese Chamber of Commerce, Japan Association of Corporate, Suntory, Moody's Analytics, Thomson Locations: Asia, Bangkok, Thailand, TOKYO, BEIJING, China, San Francisco, Tokyo, U.S, Japan, Beijing, officialdom, Shanghai

☆ Asia stocks meander, yen fragile ahead of US inflation data
▼ + stars: | 2023-11-14 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.23% higher, on course for its second straight day of gains. The Japanese yen was at 151.71 per dollar in Asian hours, having touched a one-year low of 151.92 on Monday. Investors are waiting for the U.S. inflation report, due later in the day, after Federal Reserve Chair Jerome Powell and other policymakers said they are still not sure that interest rates are high enough to tame inflation. Japan last intervened in the currency market - selling dollars and buying yen - in October last year. The dollar index , which measures the U.S. currency against six rivals, was up 0.057% at 105.69.

Persons: Shunichi Suzuki, DAX, Jerome Powell, Anderson Alves, Moody's, Fitch, Gary Dugan, YEN, Nicholas Chia, Brent, Ankur Banerjee, Shri Navaratnam Organizations: Japanese Finance, Federal, Reuters, U.S, AAA, Dalma Capital, Standard Chartered, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, U.S, New York

U.S. Secretary of Treasury, Janet Yellen hosts a Finance Ministers? Meeting plenary at the APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S. November 13, 2023. "This is a decision I disagree with," she said at a news conference at the close of the APEC Finance Ministers' Meeting in San Francisco, California. The ratings agency on Friday lowered its outlook on the U.S. credit rating to "negative" from "stable," citing large fiscal deficits and a decline in debt affordability. The rise in long-term interest rates would create a challenge to debt sustainability if it lasts, Yellen acknowledged.

Persons: Janet Yellen, Carlos Barria, Yellen, Biden, David Lawder, Ann Saphir, Tom Hogue Organizations: Treasury, Ministers, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Monday, APEC Finance, Internal Revenue Service, House Republicans, Thomson Locations: Asia, San Francisco , California, U.S

☆ Asia stocks rise ahead of US inflation data; yen stumbles
▼ + stars: | 2023-11-14 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.49% higher, while Tokyo's Nikkei (.N225) gained 0.36%. The Japanese yen was at 151.71 per dollar in Asian hours, having touched a one-year low of 151.92 on Monday. The U.S. inflation report, due later in the day, has investors' attention on Tuesday, especially after Federal Reserve Chair Jerome Powell and policymakers have said they are still not sure that interest rates are high enough to tame inflation. YEN WATCH RESUMESThe yen's broad decline has traders back to keeping an eye on whether the Japanese authorities will intervene. The dollar index , which measures the U.S. currency against six rivals, was up 0.057% at 105.69.

Persons: Australia's, Shunichi Suzuki, Jerome Powell, Anderson Alves, HSI, Fitch, Gary Dugan, Dugan, YEN, Nicholas Chia, Brent, Ankur Banerjee, Shri Navaratnam Organizations: Tokyo's Nikkei, Japanese Finance, Federal, Reuters, U.S, AAA, Dalma, Standard Chartered, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, U.S, China, New York

☆ US Congress tries to overcome partisan logjam to avert government shutdown
▼ + stars: | 2023-11-14 | by ( David Morgan | ) www.reuters.com time to read: +5 min

REUTERS/Nathan Howard/File Photo Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - U.S. House Speaker Mike Johnson's plan to avert a government shutdown faces a key test on Tuesday, as he tries to overcome hardline opposition from his own Republican conference, even as some Democrats signal tentative support for the measure. Senate Majority Leader Chuck Schumer, Congress' top Democrat, gave a tentative welcome to the proposal on Monday. But House Republican hardliners are threatening to use procedural roadblocks to stop the bill from advancing. With a slim 221-213 majority, the Republican speaker can afford to lose no more than three party votes on legislation that Democrats oppose. They claim the bill also leaves in place policies favored by prominent Democrats including Senate Majority Leader Chuck Schumer and Representative Nancy Pelosi, the former House speaker.

Persons: Mike Johnson, Nathan Howard, Mike Johnson's, Johnson, Joe Biden, Chuck Schumer, Schumer, Chip Roy, Roy, bipartisanship, Nancy Pelosi, Nancy Pelosi's, Andrew Clyde, Biden, McCarthy, David Morgan, Moira Warburton, Scott Malone, Richard Chang Organizations: U.S, Capitol, REUTERS, Rights, ., Republican, Democratic, Republicans, Food and Drug Administration, House, Social Security, Total U.S, Thomson Locations: Washington , U.S, Mexico

☆ Lawmakers are set to vote to avert a government shutdown. Here’s what it means for markets
▼ + stars: | 2023-11-14 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Washington may be able to avoid a government shutdown by the upcoming Friday deadline, but that doesn't mean Congress — or the markets — are quite in the clear. House Speaker Mike Johnson said on CNBC's " Squawk Box " on Tuesday that he expects enough lawmakers on both sides to pass his two-step "laddered" continuing resolution. The continuing resolution plan would extend federal funding for some government agencies until mid-January, while other agencies would be funded through early February. The House is expected to vote on the continuing resolution around 4:30 p.m. That doesn't mean that you're not going to have the showdown — it just means that this is the prologue," Salisbury said.

Persons: Mike Johnson, Chuck Schumer, Mitch McConnell, Israel, Goldman Sachs, Jan Hatzius, Benjamin Salisbury, Salisbury, Brian Gardner, Gardner, It's, Eric Diton, Diton, We've, we've, — CNBC's Michael Bloom, Chelsey Cox Organizations: Freedom Caucus, Democrats, Wall, Government shutdowns, Wealth Alliance, Moody's, Service Locations: Washington, Salisbury

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