There are no discernible signs yet that the federal cap on state and local tax (SALT) deductions is causing residents to flee high-tax states such as California, Connecticut, New Jersey and New York. In fact, migration from states with high SALT deductions is lower than a decade ago.
Colin Ellis and Ruosha Li of the Credit Strategy & Research team discuss the recent increase in systemic risks in the financial markets. Despite the current volatility, however, these risks remain only moderate.
Carolyn Henson and Akin Majekodumi discuss mergers and acquisitions across the banking system in sub-Saharan Africa and how it is affecting stability.