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Treasury
High Flood Scores Recorded For Municipal Bond Offerings This Week
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high Flood Scores, according to ICE Climate Data.A $16 million offering from Greenpoint Union Free School District, N.Y., records a Flood Risk Score of 5.0 out of 5.0, ICE reports. Locations with a component Physical Climate Risk Score, which includes Flood, Wildfire and Hurricane, of 2.0 or higher out of 5.0 indicate high physical climate risk due to hurricane, flooding, or wildfire events.A $195 million bond deal from Calhoun County, Texas, has a Flood Risk Score of 5.0 out of 5.0 on ICE's scale, while a $22 million tranche from Canisteo-Greenwood Central School District, N.Y., records an Acute Physical Risk Score of 5.0.Elsewhere, a $7 million offering from St. Tammany Recreation District No. 1, La., records a Combined Physical Risk Score of 3.3, and a $10 million deal from Livingston Parish, La., has a Combined Physical Risk Score of 3.3, due to their proximity to weather-related events, according to ICE Climate Data.This content is created byand includes certain data sourced from ICE Climate Data ("ICE"). Views ofdo not necessarily represent the views of ICE. ICE is not a nationally registered statistical rating organization, nor should this commentary be construed to constitute an assessment of the creditworthiness of any company or financial instrument or as providing investment advice. Climate analytics available from ICE are meant to be generally indicative of overall feature sets but should not be considered an analyst's opinion of the underlying investability of a particular location or security.The ICE Climate Risk Score is a singular, 0.0-5.0 assessment score that blends all the ICE Spatial Intelligence Platform's climate hazard models together into one rigorous, relative measure of total property risk from physical climate hazards to a given location or set of locations related to the investment. To learn more about the ICE Climate Risk Data, visit: ICE Sustainable Finance Data (https://www.ice.com/data-services/sustainable-finance-data/disclaimer)
Treasury
BMO's Robert Kavcic On Biggest Factor Keeping the Recession Label Off of Canada
The lack of widespread contraction across Canadian industries, regions and components of economicgrowth is the biggest factor keeping the recession label off, BMO's Robert Kavcic said in an overnight note.Final domestic demand in the Canadian economy was still growing 1.3% y/y as of Q1, and the -0.4%q/q print followed a "chunky" 2.7% advance in the prior quarter, Kavcic noted. Government aside, the private components are very mixed -- residential investment and M&E are down from a year ago, buthousehold spending and intellectual property investment are still growing, he said. The trade war andhousing recession are clearly having an impact, but it's not being felt everywhere, he added.Stepping back, one common thread of every period officially labeled a recession since 1980 (there were four of them), was synchronized declines across these components of private domestic demand, he said.
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Treasury
Market Chatter: Trump Signs Proclamation Amending Tariffs On Steel, Aluminum and Copper Imports
U.S. President Donald Trump on Monday signed a proclamation amending tariffs on copper, aluminum and iron imports, the White House said, Reuters reported overnight Monday.The proclamation lowers tariffs on some steel and aluminum derivative products, including certain types of agricultural machineryand residential heating, air conditioning and ventilation equipment to 15% from 25% previously, the report said.It makes mobile industrial equipment, such as bulldozers and forklifts, subject to a 15% tariff "when imported from trade deal countries that are entitled to such treatment," the White House said in a statement.The order also allows foreign companies to qualify for a 10% tariff if "their capital equipment includes at least 85% U.S. melted and poured or smelted and cast steel or aluminum by weight."The order adds two new categories of steel and aluminum derivative import products that will be subject to 25% duties: steel racks and aluminum lithographic plates.The adjustments will become effective for goods imported or withdrawn from bonded warehouses after 12:01 a.m. EST (0401 GMT) on June 8.The changes will remain in place until Dec. 31, 2027 "to spur near-term investments that will rebuild the Nation's industrial base," the White House said.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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