The Puerto Rico House of Representatives voted to end the commonwealth’s contract with LUMA Energy — under which it handles the electrical transmission and distribution grid — in the aftermath of a several-day long blackout. The House voted 29-16 with one abstention for the measure Tuesday. Members of the pro-statehood New Progressive Party provided the
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US stock futures dropped and Treasuries extended their losses, following disappointing earnings from Netflix and further signs that the Federal Reserve will raise interest rates aggressively to curb inflation. Contracts tracking Wall Street’s technology-heavy Nasdaq 100 index were down 1 per cent during the early European morning after Netflix said its decade-long run of subscriber
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Municipals sold off Tuesday, with triple-A benchmarks seeing cuts up to 11 basis points and the 30-year topping 3% on some scales. U.S. Treasuries were weaker, experiencing double-digit cuts on the short end, and equities rallied. Triple-A muni yields rose nine to 11 basis points, depending on the scale, while UST yields rose 10 to
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