US Bond Funds See First Weekly Outflow in Over Four Months: Lipper

U.S. bond funds posted a net outflow in the week to Nov. 24 as investors raised bets that the Federal Reserve would become more aggressive in normalizing monetary policy to fight inflation after President Joe Biden nominated Jerome Powell as chairperson for a second term. According to Refinitiv Lipper data, investors sold U.S. bond funds worth a net $158 million, the first outflow since the week to July 14. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, rose to 0.687 percent on Tuesday, its highest level since early March 2020. However, Treasury yields dipped on Friday as concerns about a new COVID-19 variant drove demand for safe-haven assets. U.S. taxable bond funds faced net selling of $1.08 billion compared with inflows of $3.97 billion in the previous week. Municipal bond funds attracted $598 million in net buying, the smallest in four weeks. U.S. short/intermediate …

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India Tells Public to Shun Musk-Backed Starlink Until It Gets Licence

NEW DELHI—The Indian government advised people against subscribing to Starlink Internet Services, a division of billionaire Elon Musk’s SpaceX aerospace company, as it does not have a licence to operate in the country. A government statement issued late on Friday said Starlink had been told to comply with regulations and refrain from “booking/rendering the satellite internet services in India with immediate effect.” Starlink registered its business in India on Nov.1. It has begun advertising, and according to the government, it has started pre-selling its service. Responding to a Reuters email, Starlink said: “No comment for now.” A growing number of companies are launching small satellites as part of a low-Earth orbiting network to provide low-latency broadband internet services around the world, with a particular focus on remote areas that terrestrial internet infrastructure struggles to reach.

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