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Traders reduce view on U.S. rate hikes

NEW YORK U.S. interest rates futures rose to session highs on Wednesday as traders dialed back their view on the timing of the Federal Reserve’s next rate hike following its quarter-percentage point increase last week. Federal funds futures implied traders saw 49.6 percent the U.S. central bank would raise rates …

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Puerto Rico governor grilled on timetable for PREPA deal

Puerto Rico’s governor on Wednesday told a Congressional committee the island’s debt-laden power utility, PREPA, could undergo an in-court restructuring process akin to U.S. bankruptcy “if a [consensual] deal is not able to be executed.” Speaking before a U.S. House Natural Resources subcommittee, Governor Ricardo Rossello was grilled about delays …

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SEC shortens settlement cycle for securities trades

By Sarah N. Lynch | WASHINGTON WASHINGTON U.S. securities regulators moved on Wednesday to modernize regulations that require stock and bond trades to settle within three business days, a step the industry has urged the government to take for years. The Securities and Exchange Commission voted unanimously to shorten that …

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