Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi that the President would weigh in with Senate Republicans if Democrats and the administration agreed a stimulus package. Senate Majority Leader Mitch McConnell rejected that, saying he could not sell a much larger package to his members, and that the Senate would vote on a narrow stimulus plan worth about $500 billion next week.
Wireless communication company Ligado Networks is preparing to pay a whopping 17.5 per cent interest rate in the US bond market this week, the most any company has shelled out to investors since coronavirus struck and the highest rate on any US corporate bond since 2011. The back-and-forth with investors indicates the scale of financial distress at the Virginia-based company. But it also offers a sign that despite a cramdown in borrowing costs since the Federal Reserve cut benchmark interest rates close to zero, portfolio managers are still showing some discretion in doling out funding.
Morgan Stanley closed out Wall Street’s earnings season on a high, with booming markets driving a 25 per cent increase in third-quarter earnings and fuelling the bank’s calls to be allowed to resume share buybacks. The bank posted net income of $2.7bn for the quarter, far better than predicted by analysts. Revenues of $11.66bn were up 16 per cent year on year.
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.