Investments

The banking giant's exit from the global Net-Zero Banking Alliance leaves just three smaller U.S. banks in the group. Climate activists called large banks' departures a capitulation to Republicans' climate denialism.

It was propelled in part by supply pressure, as demand was soft for the first of three Treasury auctions this week and as a slew of high-grade corporate bond offerings competed for investor cash.

Uncompleted trades involving the 20-year Treasury exceeded $21 billion in the week ended December 25 ... the second-highest amount in the history of the tenor.

CLO market strength likely to continue in 2025 if the U.S. economic soft landing remains on track.

Bank of America, Citigroup, Wells Fargo and Goldman Sachs have also withdrawn from the Net-Zero Banking Alliance in the past month, as President-elect Donald Trump prepares to take office.

Overall CLO growth indicates the asset going mainstream in Europe

The overall price drop was offset by interest payments, allowing a broad gauge of the Treasury market to post a gain of about 0.7% this year through Dec. 30.

Treasury was notified on Dec. 8 by a third-party software provider that a hacker had gained access "to a key used by the vendor to secure a cloud-based service."

Treasury yields remain near the upper end of their trading range for this year given the limited outlook for further interest rate cuts, along with concerns that rates will remain elevated because of the potentially inflationary policies being proposed by President-elect Donald Trump.

Investors have been demanding additional yield compensation, or term premium, for long-term Treasuries amid signs of sticky inflation.