Streetbeat News

Credit

USB

US Bancorp reported its Q1 allowance for credit losses at $7.904 billion, marking an increase from $7.523 billion year-over-year.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 10:51 am

USB

US Bancorp reported a Q1 provision for credit losses of $553 million, an increase from $427 million year-over-year.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 10:49 am

IEF

SPY

Federal Reserve Chair Jerome Powell indicated a need for a prolonged period of restrictive monetary policy, suggesting the central bank's 'higher for longer' interest rate stance remains unchanged. Economists and analysts, including Peter Schiff and Jamie Cox, provided mixed reactions, with some advocating for rate hikes due to inflation concerns, while others highlighted the strong labor market and consumer spending. The bond market reacted, with the 10-year bond yield nearing 4.7%, and major index futures trading lower. The iShares 7-10 Year Treasury Bond ETF (IEF) and the SPDR S&P 500 ETF Trust (SPY) both saw declines in their last session.

Portfolio Pulse from Shanthi Rexaline

April 17, 2024 | 7:25 am

JCI

Johnson Controls announced the pricing of its offering of $700M Senior Notes due 2029, with net proceeds aimed at general corporate purposes such as repaying, redeeming, or refinancing outstanding commercial paper and other near-term indebtedness.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 9:18 pm

BAC

SPY

In a CNBC interview, Bank of America CEO Moynihan reported a slowdown in consumer spending and the economy, noting it's taking longer than the Fed anticipated. He also mentioned a lack of robust loan demand due to high costs.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 7:44 pm

SPY

Fed Chair Powell acknowledges that the Federal Reserve's supervision was not adequately forceful in addressing bank stress early last year, indicating lessons have been learned.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 5:43 pm

BAC

Bank of America reported a Q1 provision for credit losses of $1.3 billion, an increase from $1.1 billion in Q4, indicating a rise in expected credit losses.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:46 am

MBWM

Mercantile Bank's Q1 provisions for credit losses increased to $1.3M from $0.6M year-over-year.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 9:09 am

AKR

Acadia Realty Trust has expanded its senior unsecured revolving credit and term loan facility to $750M, with options to extend and expand to $900M. The facility now matures on April 15, 2028.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 8:18 am

IEF

TLT

U.S. Treasury yields have surged to 6-month highs, driven by economic resilience and inflation, moving away from expectations of Federal Reserve rate cuts. The yield on the 10-year Treasury note reached 4.61%, with bond ETFs like the iShares 7-10 Year Treasury Bond ETF (IEF) and the iShares 20+ Year Treasury Bond ETF (TLT) experiencing significant declines. UBS warns of potential Fed rate hikes to 6.5% if inflation remains high, potentially leading to a downturn in bonds and stocks.

Portfolio Pulse from Piero Cingari

April 15, 2024 | 9:04 pm