San Francisco Is the Envy of Every City, Mayor Lurie Says
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Yahoo
17 minutes ago
- Yahoo
Treasuries Fall as Haven Appeal Wanes on US-Japan Trade Deal
(Bloomberg) -- Treasuries were poised to end a five-day streak of gains Wednesday as demand for havens waned after the US inked a trade deal with Japan. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital The yield on US 10-year debt trimmed an advance but remained one basis point higher 4.36%, halting a week-long slide. Germany's benchmark borrowing costs rose one basis point to 2.60% while UK equivalents were up five basis points at 4.61%. Hopes that the US will reach other trade deals ahead of its self-imposed Aug. 1 deadline are mounting. Secretary of the Treasury Scott Bessent sounded positive on the prospect in an interview on Bloomberg TV, saying talks with the EU are going better and negotiations are back on track with China. Secretary of Commerce Howard Lutnick — who recently said he was confident a trade deal with Europe will be reached — is set to be interviewed at 8:15 a.m. New York time. Traders will also be mindful of a $13 billion offering of US 20-year securities later amid the sensitivity of long-maturity debt globally to growing fiscal concerns. A sale of 40-year Japanese bonds earlier saw the lowest bid-to-cover ratio since 2011 and the 10-year yield rose to the highest since 2008. On Tuesday, Bessent shored up support for Federal Reserve Chair Jerome Powell, who has come under fire from President Donald Trump for keeping interest rates steady. Money markets are betting the Fed will hold interest rates in a 4.25% to 4.5% range next week, according to swaps tied to policy-meeting dates. However, traders expect at least on quarter-point reduction by October with an 80% chance of a second by year-end. (Updates yield levels in the second paragraph and adds remarks by US Treasury Secretary Bessent in the third paragraph) Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
17 minutes ago
- Yahoo
New Money Market ETF Draws $2.1B in First Week
A new money market ETF just launched, and it's already making waves. The Simplify Government Money Market ETF (SBIL) amassed $2.1 billion in assets under management in its first week of trading, a rare feat for a freshly launched fund. The ETF began trading on July 14 and is part of a small but growing group of money market ETFs built specifically to comply with Rule 2a-7 under the Investment Company Act of 1940, the same rule that governs traditional money market mutual funds. Unlike classic money market funds, which are priced once daily and maintain a constant $1 net asset value (NAV), SBIL has a floating NAV and trades intraday like any other ETF. That's a key benefit for institutional and retail investors alike, allowing them to move in and out of positions throughout the day without waiting for end-of-day pricing. SBIL charges an expense ratio of 0.15%. SBIL Part of a Broader Trend SBIL's debut comes amid surging demand for ultra-short-term bond ETFs and cash-like strategies more broadly. While technically labeled a money market ETF, SBIL isn't radically different from other popular ultra-short Treasury ETFs like the iShares 0-3 Month Treasury Bond ETF (SGOV) or the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). These funds invest in high-quality debt with very short maturities—typically under three months—resulting in minimal interest-rate risk and essentially no credit risk. While SGOV and BIL hold only Treasurys, money market ETFs like SBIL adhere to 2a-7 requirements, which enforce strict rules around maturity, liquidity and credit quality. In practice, the differences are mostly technical. To investors, they all serve as short-term, cash-like vehicles. A Budding Subcategory SBIL joins a short list of true money market ETFs launched in the past year. The first was the Texas Capital Government Money Market ETF (MMKT), which debuted in 2024. Since then, BlackRock Inc. (BLK) has entered the space with the iShares Government Money Market ETF (GMMF) and the iShares Prime Money Market ETF (PMMF). SBIL is by far the largest ETF in the money market ETF category, though the aforementioned SGOV and BIL dominate the broader ultra-short-term bond ETF space. SGOV recently became the first such ETF to cross $50 billion in | © Copyright 2025 All rights reserved Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Engadget
18 minutes ago
- Engadget
US nuclear weapons agency breached using Microsoft SharePoint hack
The US government agency in charge of designing and maintaining nuclear weapons was among those breached by a hack of Microsoft's SharePoint server software, Bloomberg reported. However, attackers weren't able to obtain any sensitive or classified information, according to an unnamed source with knowledge of the matter. The breach occurred at the National Nuclear Security Administration, an arm of the Energy Department responsible for producing and dismantling nuclear arms. "On Friday, July 18th, the exploitation of a Microsoft SharePoint zero-day vulnerability began affecting the Department of Energy," a spokesperson told Bloomberg . "A very small number of systems were impacted. All impacted systems are being restored." The exploit only affects SharePoint for on-premises servers. The Department of energy said it was minimally impacted because it widely uses Microsoft M365 cloud "and very capable cybersecurity systems," the spokesperson added. Microsoft blamed the attack on state-sponsored Chinese hackers. They reportedly exploited flaws in SharePoint document management software and were able to access and control systems and steal security credentials and tokens. "It's a dream for ransomware operators," Google's Threat Intelligence Group said, adding that the flaw allows "persistent, unauthenticated access that can bypass future patching." Attackers also accessed the US Education Department and Florida's Department of Revenue, along with government systems in other nations including the Middle East and Europe. Microsoft announced on Monday that it had released a new security patch "to mitigate active attacks targeting on-premises [and not online] servers."
