Bonds

Triple-A benchmark yields fell two to five basis points in a U.S. Treasury-led rally Wednesday, following a general market sentiment that the economic strength of late has plateaued. The Federal Open Market Committee meeting minutes did little to quench Treasury momentum. While municipals typically lag major movements in U.S. Treasuries, that is not the case

As the White House weighs the potential renomination of Jerome Powell as chair of the Federal Reserve, officials are discussing the use of openings on the board to reshape the central bank to closer align with administration priorities such as inequality and tighter banking regulations, according to people familiar with the matter. President Joe Biden

Last week, two troubled North Carolina towns — Spring Lake and Scotland Neck — won praise from state Treasurer Dale Folwell after they stepped up to avoid state oversight by passing what he called responsible budgets in the face of serious financial difficulties. The two municipalities had voluntarily entered into a financial management agreement with

At $3.16 billion in June, Texas sales tax collections were 18% higher than the same month a year ago and 10.4% above those in June 2019, State Comptroller Glenn Hegar said. “Monthly state sales tax collections remained exceptionally strong, with receipts from all major sectors other than those related to oil and gas surpassing pre-pandemic

Municipals were better on light but strong trading in the secondary, as dealers pushed benchmarks lower with large blocks of high-grades exchanging hands but sales to customers also showed strong interest. U.S. Treasuries helped direct municipals to lower yields as the UST 10-year fell to 1.36% — the lowest since Feb. 24 — and the

After two decades of credit deterioration — with a brief reprieve about a decade ago that lifted the state’s ratings due to a recalibration of municipal credits — the pendulum shifted last week with a one-notch upgrade from Moody’s Investors Service. The upgrade gives the state more breathing room between investment grade and junk. It

Challenges for U.S. mass transit will continue as providers face new and developing credit risks including continued transition to remote work, according to S&P Global Ratings. “Potential displacement of ridership bases, a persistent shift toward remote work, hybrid work schedules and online shopping pose the greatest risks to traditional public transit operating models in general,”

The Puerto Rico Oversight Board on Wednesday approved a $10.1 billion budget crafted by the Puerto Rico local government for the first time in the board’s history. “The budget developed jointly by the governor, the legislature, and the Oversight Board is a significant achievement and an important step toward achieving fiscal responsibility and economic stability,”

The Port of Los Angeles received an outlook lift to positive from S&P Global Ratings as it marks the highest level of traffic experienced in the history of the 114-year-old port. S&P rates the port AA. The action affects $665.7 million of bonds, all fixed rate, with no commercial paper draws outstanding, according to the

Texas’ largest county is shoring up its faltering $2.5 billion flood control bond program with a new trust fund after discovering a shortfall in federal support. In a marathon meeting last week, the Harris County Commissioners approved creation of the Flood Resilience Trust to assure that all 2018 bond projects will be built without delays

The nonfarm payrolls number beat expectations, but full employment is still about a year away, according to economists, suggesting the Federal Reserve will take its time in removing accommodation. “The June jobs report does not rise to the level of ‘substantial further progress’ on the labor market that the Fed wants to see before removing

Despite taking a hit during the COVID-19 pandemic, Virginia’s prudent approach to financial operations along with its financial flexibility has kept the state’s ratings in the top tier. Fitch Ratings late Thursday affirmed its AAA rating on Virginia’s $1.1 billion of general obligation bonds as well as on the state’s long-term issuer default rating. Additionally,

The Puerto Rico Oversight Board on Friday filed suit against a law that would scuttle the negotiated plan of adjustment for the central government debt. The board filed an adversary proceeding in the Title III bankruptcy in the U.S. District Court for Puerto Rico against the governor and legislative leaders in defense of the negotiated

The Bureau of Ocean Energy Management will begin an environmental review on the Coastal Virginia Offshore Wind project, a first step in the permitting process for Dominion Energy’s 2.6-gigawatt commercial wind project. U.S. Department of Interior Secretary Deb Haaland announced the review on a tour of the port on Thursday for the project, which is

Michigan drew a second dose of positive rating news in June as S&P Global Rating’s lifted its rating outlook to stable from negative as COVID-19 pandemic fiscal worries fade amid a brighter economic picture. S&P’s action Wednesday came as lawmakers approved the school aid portion of the state’s fiscal 2022 budget, and it followed Fitch

Municipals were firmer by a basis point Thursday amid light secondary trading and a quiet primary as the second half of the year and July reinvestment kicks off while broader markets mostly held steady ahead of Friday’s employment numbers. Inflows came in below $1 billion for the first time since the start of June, with

In contrast to the circus surrounding the vote count in the Democratic mayoral primary, the New York City Council quickly approved a record $98.7 billion fiscal 2022 operating budget drama-free. Mayor Bill de Blasio and City Council Speaker Corey Johnson announced an agreement Wednesday, the last day of fiscal 2021. It is the final budget

Municipals were stronger Wednesday as the New York City Municipal Water Finance Authority deal was offered to institutions who gave it a warm reception. Yields on high-grade munis fell by as much as two basis points while demand for paper was stronger than ever at the end of the first half and at the beginning

The Puerto Rico Oversight Board said local legislative approval would not be needed for enactment by the central government Plan of Adjustment, which, if true, would clear what observers consider the biggest remaining obstacle. The board laid out this position and several others in a Tuesday afternoon response to objections to its Disclosure Statement, filed

California lawmakers fleshed out some budget items, but left others murky, approving a 2021 state budget Monday after reaching agreement with Gov. Gavin Newsom on most key issues. Lawmakers approved a main budget bill two weeks ago that met the constitutional deadline and moved forward key legislation, but left many questions unanswered. Newsom signed that

Illinois won a one-notch upgrade Tuesday from Moody’s Investors Service, action that turns the rating tide for a state stung by more than a decade of downgrades that left it one cut away from a speculative grade. Moody’s moved its general obligation and Build Illinois sales tax-backed ratings up one level to Baa2 from Baa3.

Municipal triple-A benchmarks were little changed Tuesday while primary deals saw bumps in repricings as U.S. Treasuries and equity markets were also little changed on light economic data. It was all about the primary in the municipal market Tuesday, with several large deals from various credits and structures priced and sold competitively to good demand.

To emphasize the need for new tunnels connecting New York and New Jersey, U.S. Transportation Pete Buttigieg held up a heavy piece of corroded wiring at his Penn Station press conference. “This entire technology is really outdated,” he told reporters on Monday. “Pieces of it can literally blow.” Buttigieg and members of congressional delegations from

California and Mexico lawmakers signed an agreement Monday on a project that will speed up the movement of goods and travelers at a San Diego County border crossing. The State Route 11/Otay Mesa East Port of Entry project being built at a combined cost of $738 million is expected to halve the amount of time

Municipals were little changed Monday on light trading while U.S. Treasury yields fell and equities pared back gains. As the second half of the year approaches, municipal market fundamentals are strong and participants say save for any volatility in other parts of the economy — namely inflation or the unlikely event the Federal Reserve raises

Bond insurance has seen a spike in usage over the past two years domestically and was also increasing internationally until COVID-19 curtailed business. Assured Guaranty’s non-U.S. subsidiaries have written guarantees for sovereign, municipal and public infrastructure financings outside the United States since 1994 and is looking to grow that part of its business as infrastructure

Now that New York State’s financial plan has shown considerable improvement, it should boost its rainy-day fund reserves, Comptroller Thomas DiNapoli said. In his review of the state’s fiscal 2022 plan, he also called for a restoration of prudent debt policies. DiNapoli cited a “remarkable improvement” in the state’s coffers, with cumulative four-year budget gaps

In Buffalo, about 400 miles away from New York City’s much-publicized mayoral primary, heavy political winds are blowing and they aren’t from any lake effect. India Walton, 38, a registered nurse and union activist, stands to become the first self-declared socialist to oversee a major American city since Milwaukee’s Frank Zeidler in 1960. Walton, who

Municipal securities dealer groups said Friday they are opposed to the creation of a $20 billion Infrastructure Financing Authority as part of a $1.2 trillion bipartisan infrastructure framework announced Thursday. Other public finance groups have varying positions. National Association of Counties spokesman Paul Guequierre said in an email, “Counties support federal investments in infrastructure using

Puerto Rico’s government may soon adopt a 24% increase in the island’s minimum wage, with local observers saying it would raise costs for businesses and actually cut employment participation. On Tuesday the Puerto Rico Senate approved a bill raising the minimum wage to $9 per hour from the federal $7.25 per hour. The Puerto Rico