关于2025年财政政策的成效 一、加大逆周期调节力度。一是2025年赤字率按4%左右安排、比上年提高1个百分点；新增政府债务规模11.86万亿元，比上年增加2.9万亿元，这些都远 超前几年的平均水平。二是发行特别国债5000亿元，用于补充国有大型商业银行核心一级资本，有力提升了我国银行业乃至金融业支持实体经济的能力。 三是安排5000亿元地方政府债务结存限额，用于补充地方政府综合财力和扩大有效投资。尽管我们增加了赤字和政府债券规模，但从国际比较看，我国政 府负债率依然较低，远低于G20国家政府负债率平均水平。 2026年，按照中央经济工作会议部署，财政部门将继续实施更加积极的财政政策，概括起来就是"总量增加、结构更优、效益更好、动能更强"。 "总量增加"，就是要扩大财政支出盘子，确保必要支出力度。2026年财政赤字、债务总规模和支出总量将保持必要水平，确保总体支出力度"只增不减"、 重点领域保障"只强不弱"。要着重强调的是，在2025年更加积极的基础上继续扩大财政支出盘子，本身就体现了政策是十分积极的。同时，我们也充分考 虑了财政中长期可持续性，注重增强发展后劲。 "结构更优"，主要就是要持续优化支出结构，确 ...

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Lloyds Banking is buying back a further £1.75 billion of its shares after both its core banking business and newer insurance and wealth products boosted earnings in the fourth quarter https://t.co/vLsWHMBopP ...

Bybit plans to start offering banking services with the launch of accounts that will let customers hold balances in US dollars and other fiat currencies https://t.co/w58jxu7p2n ...

Core Viewpoint - By the end of 2025, China's green loan balance in both domestic and foreign currencies is expected to reach 44.77 trillion yuan, with an annual increase of 7.72 trillion yuan, achieving over 20% growth year-on-year, indicating a strong commitment to supporting green development and facilitating a comprehensive green transformation of the economy and society [1] Group 1: Green Bond Market - In 2025, China's green bond market experienced significant growth, with 647 bonds issued and a total issuance scale of 10,784.33 billion yuan, representing year-on-year increases of 35.64% and 58.26% respectively [4] - The cumulative issuance of green bonds in the domestic market exceeded 3,000 bonds, with a total issuance scale of approximately 5.24 trillion yuan, showcasing high-quality development through innovative products and record-breaking first issuances [4] Group 2: Green External Debt Pilot - In 2025, a pilot program for green external debt was launched in 16 cities, allowing green external debt projects to occupy less of the total cross-border financing risk-weighted balance, thereby expanding the financing scale for green development projects [5] - The pilot program facilitates the introduction of low-cost international funds into domestic green projects, establishing a rapid channel for financing [5] Group 3: New Green Finance Support Project Directory - The People's Bank of China and regulatory authorities released the 2025 version of the Green Finance Support Project Directory, which includes new categories such as green trade and green consumption, and enhances alignment with national economic sectors [6] - The directory aims to unify standards for green finance products and provide clear guidelines for financial institutions, supporting emerging areas like green trade and consumption [6] Group 4: Financial Institutions' Disclosure Rules - In 2025, a new climate disclosure standard was introduced, requiring companies to disclose climate-related risks and opportunities, which will serve as a foundation for financial institutions in managing climate risks and identifying qualified transition financing clients [8] - The standardization of climate information disclosure will enhance the risk management capabilities of financial institutions and drive resources towards green and low-carbon sectors [8] Group 5: Transformation Finance Practices - In 2025, various provinces implemented transformation finance guidelines for industries such as construction materials and textiles, leading to the launch of the first transformation loans in multiple regions [9] - The collaboration between transformation finance and green financial tools effectively addresses the financing bottlenecks faced by high-carbon industries transitioning to low-carbon operations [9] Group 6: Development of Green Insurance - Green insurance evolved from single product innovation to a systematic development phase, with new products introduced to cover climate risks and support ecological value transformation [10] - The implementation of a high-quality development plan for green finance by regulatory authorities emphasizes the optimization of insurance products related to climate risks [10] Group 7: Biodiversity Financial Products - In 2025, financial support for biodiversity transitioned from concept to practice, with innovative products linking financing to biodiversity protection metrics [11] - These products aim to convert ecological value into tangible assets, broadening financing pathways for ecological protection projects [11] Group 8: Digitalization of Green Finance - The integration of technology into green finance has accelerated, with the establishment of digital platforms aimed at improving service models and addressing information asymmetries [12] - Initiatives such as blockchain-based platforms and digital financing projects are enhancing the efficiency and precision of fund allocation for green projects [12] Group 9: Differentiated Financial Support for Beautiful China - In 2025, action plans for key regions like the Greater Bay Area and Yangtze River Delta included green finance as a critical support for ecological protection and low-carbon transitions [13] - The differentiated deployment of green finance in these regions is expected to create replicable experiences for building a multi-layered green finance system nationwide [13] Group 10: Issuance of Green Sovereign Bonds - In 2025, the Ministry of Finance successfully issued the first green sovereign bonds worth 6 billion yuan in London, achieving record low interest rates for offshore RMB bonds [14] - The issuance attracted significant international interest, demonstrating China's commitment to utilizing international capital markets for green transformation [15]

And let's dive into the Fed's rate decision and comments from Jerome Pal with our next guest Christian Salomone, chief investment officer of Balance Rock Private Wealth. Hello to you Christian. So obviously we got a hold as widely expected.Fed watch advisers thinking that the commentary has skewed bullish hawkish particularly with respect to the upgrade to the economy, the upgrade to jobs, less worried about things on both sides of the dual mandate, avoiding questions around Fed independence, Lisa Cook and ...

Financial Data and Key Metrics Changes - The firm reported record net revenues of $3.7 billion for the fiscal first quarter, with net income available to common shareholders at $562 million and earnings per diluted share of $2.79 [11] - Adjusted net income available to common shareholders was $577 million, resulting in adjusted earnings per diluted share of $2.86, with a pre-tax margin of 19.5% and an adjusted pre-tax margin of 20% [11][12] - The annualized return on common equity was 18%, and the annualized adjusted return on tangible common equity was 21.4% [11] Business Line Data and Key Metrics Changes - The Private Client Group generated pre-tax income of $439 million on record quarterly net revenues of $2.77 billion, driven by higher assets under administration [12] - The Capital Markets segment generated quarterly net revenues of $380 million and a pre-tax income of $9 million, with revenues declining year-over-year and sequentially [12] - The asset management segment achieved record pre-tax income of $143 million on record net revenues of $326 million, attributed to higher financial assets under management and strong net inflows [13] - The bank segment generated net revenues of $487 million and record pre-tax income of $173 million, with net interest income growing 6% sequentially [13] Market Data and Key Metrics Changes - The firm ended the quarter with total assets of $88.8 billion, a 1% sequential increase, primarily due to loan growth [21] - Record bank loans reached $53.4 billion, reflecting a 13% year-over-year growth and a 4% sequential increase [21] - Clients' domestic cash sweep and enhanced savings program balances ended the quarter at $58.1 billion, up 3% over the preceding quarter [16] Company Strategy and Development Direction - The company is focused on long-term capital deployment, with investments in technology, acquisitions, and share repurchases [4][10] - Recent acquisitions include Clark Capital Management and GreensLedge, aimed at enhancing the firm's capabilities and maintaining cultural fit [10][23] - The firm emphasizes a client-first culture and aims to attract and retain financial advisors through a strong value proposition and technology investments [5][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing a robust advisor recruiting pipeline and strong commitments from prospective advisors [5] - The firm acknowledges headwinds from lower interest rates and seasonal impacts but remains focused on generating long-term sustainable growth [26] - Management believes that their established approach and focus on personal relationships differentiate them in a competitive environment [26][41] Other Important Information - The firm repurchased $400 million of common stock at an average share price of $162 during the quarter [10] - The effective tax rate for the quarter was 22.7%, with an estimated effective tax rate for fiscal 2026 expected to be around 24%-25% [23] Q&A Session Summary Question: What areas saw particular strength in net new assets this quarter? - Management noted that $31 billion of net new assets was the second-best quarter ever, with robust recruiting activity across various affiliation options, particularly in the independent contractor side [30] Question: How should we think about the sustainability of the 8% net new asset growth? - Management indicated that while the 8% growth benefited from year-end dynamics, they are confident in sustaining growth based on current pipelines and advisor retention [52] Question: What is the outlook for capital markets revenue growth? - Management expressed optimism about the capital markets pipeline, noting pent-up demand from buyers and sellers, but acknowledged that timing of revenue recognition can be unpredictable [45] Question: Can you elaborate on the Clark Capital acquisition? - Management highlighted that Clark Capital represents a good cultural and strategic fit, focusing on long-term client relationships, and is expected to enhance the firm's offerings [67] Question: How do you see the interplay of liquidity and net new assets? - Management explained that they are seeing a shift in client behavior towards reinvestment rather than holding cash, which is expected to support future growth in securities-based loans [72]

No movement in home equity rates, as the Federal Reserve left interest rates unchanged at its first meeting of 2026. The $30,000 home equity line of credit and the five-year $30,000 home equity loan were flat for the week, remaining at 7.44% and 7.92%, respectively, according to Bankrate’s national survey of lenders. As home equity rates hover at a three-year-low, Bankrate’s senior industry analyst Ted Rossman explains why conditions are improving for home equity borrowers. “The current HELOC average, 7 ...

Construction on the Marriner S. Eccles Federal Reserve Board Building in Washington, Jan. 12, 2026.Pete Kiehart | Bloomberg | Getty ImagesThe Federal Reserve kept its benchmark interest rate unchanged Wednesday at the conclusion of its first policy decision of the year. In the face of escalating political pressure from President Donald Trump, a softening labor market, persistent inflation pressures and an uncertain geopolitical landscape, "there is no shortage of confusing narratives," said certified financ ...