Investments

Real estate was the worst-performing sector in the S&P 500 Index on Wednesday and Wall Street analysts pointed to the electoral result for the nation's biggest city as a key reason. 

The Federal Reserve's vice chair for supervision said changes to the supplemental leverage ratio are needed to bolster the Treasury market and ensure banks are not incentivized to take on excessive risks.

The return on investment for fix and flip properties dipped to 25% in the first quarter of 2025, down from 48.8% in the fall of 2020, according to a report from Attom.

"I would be quite surprised if he did not make a choice that fair-minded observers on both sides recognized as a reasonable person," Summers said on Bloomberg Television.

The Senate version includes restoration of the mortgage interest deduction, but a tax code revision likely would stifle foreign investment in real estate.

Housing advocates are cheering the Senate's embrace of expanding Low Income Housing Tax Credits which ensures a volume increase and reduces a key bond threshold test.

A closely watched auction of 30-year Treasuries saw stronger-than-expected demand on Thursday, easing for now worries that investors would shun the US government's longest maturity.

The Treasury is set to sell $22 billion of 30-year government bonds on Thursday. The results will receive special attention because they will offer an instant readout on the scope of market demand at a time when investor appetite for 30-year US debt has soured. 

Treasuries slumped after stronger-than-expected US job and wage growth prompted traders to trim bets that the Federal Reserve will cut interest rates this year. 

Two- to 10-year yields reached the lowest levels since at least May 9 after the ISM Services gauge for last month signaled contraction for the first time since last June.