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This could be the second year in a row that the market for U.S. bank preferred shares has shrunk, something that hasn't happened since the lenders were replacing obsolete capital after the global financial crisis.

The proceeds will finance the portfolio, which trades in the primary and secondary loan markets.

BBVA SA is sounding out investors for a significant risk transfer linked to corporate loans, according to people familiar with the matter.

After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.

A revolving pool of Walmart-branded Mastercard accounts will support the deal, which presses ahead despite risks tied to U.S. tariff policy.

The Federal Reserve's preferred measure of inflation moved further from its 2% target, underscoring the central bank's reluctance to cut rates.

Although the collateral is described as non-prime, Moody's points to several strong credit characteristics, including an average non-zero FICO score of 697 and an eScore of 768.

Yields across maturities declined, with those on two-year notes falling five basis points and most reaching the lowest level in more than a month.

Consumer spending and exports fell slightly in the latest estimate, leading to a downward revision. Imports, which dragged down overall output during the first three months of the year, also came in smaller.

Some allies of the president have pushed for Treasury Secretary Scott Bessent to get the job, according to people familiar with the matter, a notion that a senior administration official disputed.