A gauge of U.S. corporate credit risk held at the lowest in almost two weeks as investors await congressional testimony this week from Federal Reserve Chairman Ben S. Bernanke and minutes of the central bank’s April meeting.
European Central Bank Executive Board member Benoit Coeure said while the ECB is looking at options to spur lending to smaller companies it shouldn’t artificially change risk premiums paid by such firms.
Turkey’s bonds rallied, sending yields to all-time lows, after Moody’s Investors Service raised the country to investment grade for the first time in two decades, fueling expectation of capital inflows. The lira weakened on speculation the central bank will cut rates.
A gauge of U.S. corporate credit risk erased an earlier decline after Federal Reserve Bank of San Francisco President John Williams said the central bank may start tapering its bond purchases as soon as this summer.
Turkey paid its last loan installment to the International Monetary Fund after a 52-year relationship, a triumph for Prime Minister Recep Tayyip Erdogan as government debt falls even as private borrowing surges.
U.S. stock investors may reap unusually high returns during the next five years thanks to record-low interest rates on government bonds, according to researchers at the Federal Reserve Bank of New York.