Fed’s Bank CFO Surveys: Reserves Still ‘Ample’ at $3.10T
Fed released two Senior Financial Officer Surveys May 14: bank CFOs weighed in on reserves and discount window operating days as $3.10T sits at the Fed.
capital markets
Fed Floats ‘Payment Accounts’ to Let Fintechs Onto Its Rails
Fed proposes a new ‘payment account’ for fintechs: direct payment rails, no intraday credit, no IORB, hard balance caps. 60-day comment period.
Fed Minutes: ‘Many’ Wanted Easing Bias Out as PCE Hit 3.5%
April FOMC minutes show a hawkish tilt: Miran dissented for a cut, while many wanted the easing-bias language gone as March PCE hit 3.5%.
2-Year Treasury Tests 4.10% as Markets Erase 2026 Fed Cuts
The US 2-year Treasury yield is near a 52-week high at 4.07% as traders price out Fed rate cuts for the rest of 2026.
Senate Banking Clears Bipartisan Crypto Clarity Act
The Senate Banking Committee favorably reported H.R. 3633, the Digital Asset Market Clarity Act, on May 14 in a bipartisan markup.
Investment Grade vs High Yield: Ratings, Spreads, Defaults
Investment grade vs high-yield bonds explained: the BBB-/Baa3 cutoff, credit spreads, default rates, and recovery — what actually separates the two.
Publicis to Buy LiveRamp for $2.5B in Ad-Tech Data Bet
Publicis Groupe is acquiring data-collaboration platform LiveRamp in an all-cash deal valued at about $2.5B equity / $2.2B enterprise value, betting on first-party data after cookies.
Bullish to Buy Equiniti for $4.2B in Tokenization Bet
Crypto exchange Bullish is acquiring transfer agent Equiniti from Siris in a $4.2B deal to build the first blockchain-native transfer agent for tokenized securities.
NextEra-Dominion Talks: $400B Utility Megadeal for AI Power
NextEra Energy is in talks to acquire Dominion in a mostly-stock deal that would create a roughly $400B utility built around the Virginia data center boom.
30-Year Treasury Hits 5.13% as Long Bonds Sell Off Worldwide
U.S. 30-year yield closed at 5.128% on May 15, 2026 — highest since May 2025. UK, German and Japanese long bonds are also at or near 52-week highs. What broke.