Business Frame Weekly – The Federal Accounting Standards Advisory Board (FASAB) is seeking public comments as a part of its Reexamination of Existing Standards project / U.S. Treasury yields rose Tuesday

The Federal Accounting Standards Advisory Board (FASAB) is seeking public comments as a part of its Reexamination of Existing Standards project.

U.S. Treasury yields rose Tuesday as investors monitored ongoing debt ceiling negotiations, and digested the latest economic data.

In this newsletter:

• Warren Buffett sells stakes in two banks, raises Bank of America bet
• IRS pledges to reduce bias in audits of Black taxpayers
• Stocks Sag as US Debt Standoff Sidelines Traders: Markets Wrap
• Treasury yields rise as traders await clues on U.S. debt ceiling negotiations, digest new data
• FASAB seeks feedback on its existing standards

May 16, 2023

Warren Buffett sells stakes in two banks, raises Bank of America bet

Warren Buffett cut his exposure to two more banks last quarter while raising his commitment to Bank of America (BAC) and buying new stock in Capital One (COF). The billionaire's investment conglomerate Berkshire Hathaway (BRK-A) (BRK-B) sold $1.4 billion of its remaining holdings in custody bank Bank of New York Mellon (BK) and Minneapolis regional lender US Bancorp (USB), according to filings.

IRS pledges to reduce bias in audits of Black taxpayers

Internal Revenue Service commissioner Daniel Werfel is promising to fix a problem with the IRS's methods of selecting taxpayers for tax examinations that seems to increase the likelihood of Black taxpayers being audited. Werfel sent a letter Monday to Senate Finance Committee chairman Ron Wyden, D-Oregon, after hearing questions about the matter during his confirmation hearings this year. "When evidence of unfair treatment is presented, we must take immediate actions to address it," he wrote. "It is also important to reiterate that we do not and will not consider race as part of our case selection and audit processes."

Stocks Sag as US Debt Standoff Sidelines Traders: Markets Wrap

Stock traders remained mostly sidelined just hours away from the resumption of Washington negotiations on whether to raise the US debt ceiling and prevent a historic default. It was another lackluster session for the equity market, with the S&P 500 falling for the third time in four days and churning near the 4,100 level. Home Depot Inc. slid after cutting its outlook, a sign that economic uncertainty is leading to a pullback in home improvement spending. Tech megacaps outperformed once again.

Treasury yields rise as traders await clues on U.S. debt ceiling negotiations, digest new data

U.S. Treasury yields rose Tuesday as investors monitored ongoing debt ceiling negotiations, and digested the latest economic data. The 10-year Treasury yield was trading more than 5 basis points higher at 3.564%. The yield on the 2-year Treasury added 10 basis points at 4.103%. Yields and prices move in opposite directions and one basis point is equivalent to 0.01%.

FASAB seeks feedback on its existing standards

The Federal Accounting Standards Advisory Board (FASAB) is seeking public comments as a part of its Reexamination of Existing Standards project. The objective of the reexamination project, according to FASAB, is "to improve the standards and ensure that they are effective in providing financial information that supports public accountability and meets user needs."

Random Ramblings

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• Why accounting firms must consider digital transformation in 2023
• Why investors ‘always misunderstand’ the difficulty of regaining a loss, says advisor
• Here’s how much emergency savings you need amid economic uncertainty, according to financial advisors.
• AI stock surges on upbeat sales views; is ai stock a buy now?
• Family office 'overwhelmingly overweight' in developed markets investments Goldman Sachs partner.