Municipals pummeled as tariffs take effect

Municipal AAA yield curves were cut up to another 42 basis points, depending on the curve, as of noon, pushing yields to multi-year highs and long-end muni to UST ratios above 100%. Muni yields have risen up to nearly 100 basis points in spots since the bond market rout began.

Bessent defends tariffs, calls for deregulation

In a speech at the American Bankers Association Washington Summit Wednesday morning, Treasury Secretary Scott Bessent downplayed economic risks from tariffs, floated capital reforms, and urged regulatory relief for community banks.

Big banks’ record trading streak overshadowed by tariffs

JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs Group and Morgan Stanley are projected to post a combined $34.8 billion haul from their trading businesses in the first quarter, the most for that period in at least seven years.