Bonds

The Federal Open Market Committee may cut rates next year, according to some analysts, while others expect no declines until 2024. “I think the market is right in terms of projecting cuts later next year because I do think we’ll see both a combination of a weaker labor market and higher unemployment and softer inflation,”

Municipals were weaker Tuesday, outperforming a U.S. Treasury sell-off, while equities were mixed. Municipals were cut up to six basis points, depending on the scale, while UST yields rose as much as 12 basis points. Muni-UST ratios were steady Tuesday. The three-year muni-UST ratio was at 59%, the five-year at 64%, the 10-year at 67%

The Illinois State Toll Highway Authority has signed off on a 2023 budget package that authorizes $1.47 billion of capital spending with a steady level of borrowing planned to keep its $14 billion, 15-year Move Illinois capital program on track. The authority’s board adopted a $1.55 billion budget at its December meeting. The authority will

Georgia backers of an economic development deal with electric automaker Rivian are meeting continued resistance from a group of residents suing to stop its planned factory. In October, a county judge denied validation of the up to $15 billion in payment in lieu of taxes revenue bonds planned as part of the incentive structure for

Municipals were steady Friday ahead of a week with no new deals slated. U.S. Treasuries sold off out long and equities were up near the end of the session. Muni-UST ratios were steady Friday. The three-year muni-UST ratio was at 60%, the five-year at 64%, the 10-year at 68% and the 30-year at 92%, according

The Puerto Rico Oversight Board defended its latest actions in the Puerto Rico Electric Power Authority bankruptcy and rejected bondholder and unsecured creditor challenges to its proposals. The urgent motion filed Dec. 16 was “purely administrative in nature,” requesting the scheduling of a disclosure statement hearing, deadlines for briefing on the disclosure statement and the

Abundant oil and natural gas taxes are pouring into New Mexico’s general fund, boosting revenue projections and sparking concerns over the fiscal impact of a future downturn in the state’s fossil fuel industry.  The state’s latest consensus forecast lifted general fund revenue for fiscal 2023, which began July 1, $928 million above an August forecast

The New York Metropolitan Transportation Authority Board approved a $19.2 billion budget for 2023 and a four-year financial plan. The budget includes a 5.5% fare increase for next year and envisions a 4% increase in 2025. “I’ve been talking about the financial crisis facing the MTA for many months,” MTA Chair and CEO Janno Lieber said

West Virginia municipalities will receive fresh federal funds to address dated waste infrastructure networks long overdue for upgrades. The U.S. Department of Agriculture’s Rural Development Program will provide $2.2 million for “18 critical projects across West Virginia,” the state’s two senators said Tuesday in a news release, supporting efforts ranging from upgrades to telecommunications technology

Municipals were little changed Thursday, while U.S. Treasuries were weaker and equities sold off. The three-year muni-UST ratio was at 61%, the five-year at 65%, the 10-year at 69% and the 30-year at 94%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the three at 63%, the five at 66%, the 10

Puerto Rico Electric Power Authority bondholders objected to the Oversight Board’s proposed plan of adjustment and asked that the discovery process begin immediately. “There is no conceivable benefit to interested parties or the court from forcing all parties to sit on their hands for more than two months before plan-related discovery begins, only then to

The Michigan Department of Transportation has delayed plans to sell $1.9 billion of trunk line road bonds as it confronts “project cost changes and other pressures.” In September, the departmentsaid it would tap all $1.9 billion of its remaining borrowing authority under the $3.5 billion Rebuilding Michigan road program with an eye to entering the

PNC Capital Markets has been added to the newly-formed list of underwriters who failed to meet the exemption requirements in connection with 36 limited offerings in violation of Securities and Exchange Commission Rule 15c2-12 and Municipal Securities Rulemaking Board Rule G-27 on supervision. Without admitting or denying the findings, PNC agreed to be censured and

Sen. Pat Toomey, R-Pa., introduced legislation Wednesday that would eliminate more than half of the regional Federal Reserve banks and subject the remaining banks to additional federal rules and restrictions. The bill, titled the Federal Reserve Accountability Act, would reduce the number of regional Federal Reserve banks from 12 to five; require bank presidents to

Municipals were weaker across the curve Tuesday with the short end being hit the hardest, causing the muni curve to invert further. U.S. Treasuries extended their selloff out long and equities reversed losses to close out in the black. Triple-A municipal yields rose up to 10 basis points on the one year, depending on the

ESG is beset from every angle. Republicans want to cancel it. Business leaders are muffling their former enthusiasm. Some money managers have even scrubbed the three letters from their funds. To meet this fraught moment, brand executives who work with some of the largest US companies, including Amazon.com Inc. and Alphabet Inc.’s Google, have had

S&P Global Ratings lifted the University of Illinois back into the double-A category citing the flagship public university’s surpluses and healthier state government finances that reduce the threat of aid cuts. S&P last week raised the rating to AA-minus from A-plus. The upgrade impacts auxiliary facilities system revenue bonds and certifications of participation. The university

Municipals were weaker by a basis point or two Monday, while U.S. Treasuries saw larger losses across the curve and equities ended down following continued central bank assertions on raising rates. “U.S. stocks were unable to hold onto gains as recession worries run wild and as global bond yields surge higher after former Fed’s Dudley

Municipals ended the week little changed ahead of a paltry new-issue calendar as the market winds down for the year. U.S. Treasuries were mixed and equities ended the week in the red. Muni-UST ratios were little changed Friday. The three-year muni-UST ratio was at 62%, the five-year at 67%, the 10-year at 71% and the

The clock is ticking on Congress waiving PAYGO for Build America Bonds, a budget bear trap that could delay promised subsidy payments totaling $14 billion to issuers. The dilemma has been a constant irritant to the muni market issuers who have based their budgets on promises of getting reimbursed by the federal government for bonds

States have never spent more money, as general fund spending for all states topped $1.08 trillion for fiscal year 2022, an 18.3% increase over FY 2021 levels and the highest annual growth ever recorded by the National Association of State Budget Officers’ Fiscal Survey since its inception in 1979. That’s due to a number of