Some things are just better in person—like the CDFA National Development Finance Summit! Join us this November in Baltimore for three days of in-depth engagement with leading experts in development finance. CDFA has arranged a significantly reduced room rate at the Renaissance Baltimore Harborplace Hotel. Rooms are available from November 12 to November 15 at a reduced rate if reservations are made by October 26. Don't miss this chance to stay where the action is happening! Register today!

The U.S. Department of Agriculture (USDA) announced a historic $1.5 billion for 92 partner-driven conservation projects through the Regional Conservation Partnership Program (RCPP), a partner-driven approach to conservation that funds solutions to natural resource challenges on agricultural land. Partners will provide $968 million in contributions to amplify the impact of the federal investment. Selected RCPP projects will help farmers, ranchers, and forest landowners adopt and expand voluntary, locally-led conservation strategies to enhance natural resources while tackling the climate crisis.

The U.S. Department of Energy (DOE) has finalized an $81 million award for the Lewis Ridge Long Duration Energy Storage project in West Virginia. This initiative aims to develop innovative energy storage solutions to enhance grid reliability and support renewable energy integration. The funding will help implement advanced technologies that can store energy for extended periods, addressing challenges associated with intermittent energy sources like wind and solar. The project underscores the government's commitment to promoting clean energy infrastructure and improving energy resilience while creating job opportunities in the region.

The recent selloff in U.S. government debt has led to a broad increase in yields as traders process last week's economic data, which indicates continued resilience in the U.S. economy. Notably, a larger-than-anticipated rise in retail sales has had a lasting impact on the Treasury market. Forecasts anticipate 3% growth in the third quarter and 2% in the fourth quarter, and adjustments in their full-year projections for 2024 and 2025. This positions the outlook within the soft- to no-landing scenario, suggesting that we may have seen the end of significant rate cuts from the Federal Reserve.

The USDA announced the approval of Disaster Supplemental Nutrition Assistance Program (D-SNAP) benefits for Florida residents affected by Hurricane Idalia. This program is designed to assist those who do not typically qualify for regular SNAP benefits but have experienced disaster-related food loss. Eligible residents in designated counties can apply for D-SNAP, which provides temporary assistance to help meet their nutritional needs. The program aims to support recovery efforts and ensure access to food for impacted families in the aftermath of the hurricane. Applications will be accepted on specific dates, and local offices will provide further assistance.

A Republican election sweep, or even a Democratic wave, could lead to increased fiscal stimulus, which might re-accelerate inflation and slow down the Federal Reserve's pace of interest rate cuts, according to Insight Investment. Fund flows into this asset class are strong, and the Fed's easing policy supports it, while companies have effectively managed their debt maturities. However, as the November US presidential election approaches, risks associated with corporate credit are rising. This poses a significant threat to bond yields and could impact risky assets and credit spreads, given that the market has largely priced in a return to normalization.

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