Spending For the End of the World
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US targets China’s steel capacity at G20 days after Xi’s state visit
US Trade Representative Jamieson Greer on Wednesday proposed a new global framework to tackle excess steel production capacity on the sidelines of the ongoing Group of 20 Trade Ministers’ meeting, just days after Chinese President Xi Jinping’s state visit to the United States. “The United States has taken robust measures, and it probably makes sense for other countries to do that too,” Greer said after a meeting of the Global Forum on Steel Excess Capacity (GFSEC) in Milwaukee, Wisconsin.
UMich’s Stevenson on Fed Report, Inflation Reading
Betsey Stevenson said the Inspector General’s report finding no criminal wrongdoing in the Fed renovations confirms what many already suspected: the investigation was about a president pushing against the Federal Reserve’s independence. She argued Jerome Powell respected the institution’s need to stay separate from presidential influence because the Fed’s job is to keep prices stable and employment at maximum sustainable levels. She speaks with Romaine Bostick & Emily Graffeo on "The Close."
Hedge Funds Diameter, Redwood Purchased Nuveen’s Brightline Debt
Distressed-debt hedge funds Diameter Capital Partners, Redwood Capital and FourSixThree Capital bought about $190 million of Brightline’s municipal bonds from Nuveen this week, according to people familiar with the matter.
Why American Homeowners Are Stuck
The gap between today’s mortgage rates and the low rates many homeowners locked in before 2022 is reducing moves and home sales. This is limiting the supply of homes for sale and contributing to higher prices, explains Bloomberg Opinion columnist Justin Fox.