Municipal-Bond Market Inches Closer to $5 Trillion With a Record Quarter
Municipal-bond bankers have been extra busy this year as state and local governments rush to borrow at a record pace to fund projects.
State and local governments have sold $153 billion of new debt in the second quarter, already the biggest ever with just four trading days left in the period, according to data compiled by Bloomberg. That has lifted 2025 sales to more than $271 billion, a 21% increase over last year's volume.
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Wall Street Journal
22 minutes ago
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Major Indexes Finish Mixed as the Israel-Iran Cease-Fire Holds - Minute Briefing
Full Transcript This transcript was prepared by a transcription service. This version may not be in its final form and may be updated. Julia Carpenter: Here's your closing bell brief for Wednesday, June 25th. I'm Julia Carpenter for the Wall Street Journal. The three major indexes ended the day mixed as the Iran-Israel ceasefire held steady. The Dow Jones Industrial Average lost 107 points to close at 42,982. The S&P 500 stayed roughly flat, and the Nasdaq gained 61 points. US oil prices climbed slightly higher today. Even as the Israel Iran ceasefire appears fragile, analysts said as long as both countries refrain from attacking energy export infrastructure or disrupting shipping, oil prices could likely remain muted. Meanwhile, Jerome Powell returned for his second day of congressional testimony. President Trump said he's reviewing new candidates to replace the Federal Reserve Chairman once Powell's term ends in 2026. In individual companies trading today, after new car registrations for Tesla fell across the European Union signaling a steep sales decline, shares of the electric car company dropped 3.8%. Shares of FedEx dropped 3.3% after the shipping company said it expected to lose $170 million this quarter as a result of President Trump's tariffs. The administration's change in rules led to a much lower demand for packages shipped from China to the US. Rival UPS shares also fell 1.2%. And after posting better than expected quarterly results, shares of BlackBerry, the cybersecurity company, shot up 12.5%. We'll have a lot more coverage of the day's news on the WSJ's What's News Podcast? You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
Bloomberg
23 minutes ago
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Will New York City Survive ‘Hot Commie Summer'?
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CNN
25 minutes ago
- CNN
Homebuyers could soon use crypto to help get a mortgage under new Trump admin plan
Homebuyers in the US may soon be able to use cryptocurrency assets to strengthen their mortgage application, according to Bill Pulte, who oversees housing giants Fannie Mae and Freddie Mac. 'After significant studying, and in keeping with President Trump's vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage,' said Pulte, who heads up the Federal Housing Finance Agency, in a social media post. The policy represents a reversal for Fannie and Freddie, the two entities under government conservatorship that guarantee more than half of America's mortgages. A few years ago, during President Joe Biden's administration, both Fannie and Freddie issued guidance stating that a homebuyer's income paid in cryptocurrency could not be used to qualify for a mortgage, 'due to the high level of uncertainty associated with cryptocurrency.' During President Donald Trump's first administration, he was largely skeptical of crypto. He has since embraced digital currencies, though. Trump has his own branded digital token and his family owns a stake in a crypto venture called World Liberty Financial. Pulte's directive would benefit prospective homebuyers who may not want to exchange their cryptocurrency holdings into US dollars in order to qualify for a government-backed mortgage. It comes at a time when home sales prices continue to rise nationally — reaching a record high for the month of May — and average mortgage rates remain stubbornly elevated. Last month, Trump said he planned to take Fannie and Freddie public, potentially ending 17 years of federal government conservatorship over the two companies, which play a central role in America's housing finance system by providing liquidity to the mortgage market. However, some experts warn that any plan to take the two public could lead to higher borrowing costs for homebuyers. Fannie and Freddie buy mortgages from lenders and repackage them for investors. The fear is that without a government guarantee of a bailout (like the one provided to Fannie and Freddie during the 2008 financial crisis), lenders might demand higher rates to compensate for the added risks. It is unclear whether accepting cryptocurrencies, a highly volatile asset class, as income in mortgage considerations would alter how investors would perceive risks associated with Fannie and Freddie if the companies were to go public. Pulte directed the entities to prepare proposals regarding the acceptance of cryptocurrency as an asset for mortgages. The proposals will then need to be approved by the board of directors and the FHFA before taking effect, according to Pulte's directive. In his directive, Pulte said Fannie and Freddie should 'consider additional risk mitigants per their own assessment, including adjustments for market volatility.'
