Treasury Secretary Steven Mnuchin in a letter to the Fed Thursday said the Municipal Liquidity Facility will sunset Dec. 31, as scheduled. Bloomberg News The Federal Reserve’s Municipal Liquidity Facility and other Fed lending facilities will close at the end of the year, barring any legislative action from Congress to extend them. U.S. Secretary Treasury
Bonds
United States Virgin Islands Gov. Albert Bryan Jr. is trying to find ways to avoid a possible 42% cut to its pensions effective January 1. In addition to refinancing its matching funds bonds, and taxing legalized marijuana, the governor is now suggesting a sales tax on retail items imported to the island. U.S. Virgin Islands
New Hampshire Republicans seizing control of both chambers in the state legislature grants GOP Gov. Chris Sununu increased power to enact fiscally conservative policies, analysts said. Republicans flipped the previously Democratic-held New Hampshire state Senate and House of Representatives and reelected Sununu to a third term on Election Day. The Granite State swing gives the
A Chicago City Council committee signed off on $3.9 billion of new money, refunding, and scoop-and-toss debt restructuring deals and the finance teams to assemble and sell the bonds. Mayor Lori Lightfoot is seeking the borrowing authority to plug COVID-19 pandemic holes in the 2020 and 2021 budgets and fund a five-year $3.7 billion capital
Top-rated municipal bonds firmed on Wednesday, with yields falling by as much as three basis points on the long end while New Jersey general obligation bonds traded up and Massachusetts upsized its tax-exempt and taxable deal, lowering yields in a repricing. Since Nov. 12, when the market began to firm after a brief sell-off, yields
Municipal bond market participants want the next U.S. Secretary of Transportation to have more issuer experience and understand the inner workings of the muni bond market. Many candidates on the table for the next Secretary of Transportation have experience as issuer officials or as legislators dealing with tax issues, which gives localities some comfort. “When
Judy Shelton’s nomination to the Federal Reserve Board was blocked in the Senate Tuesday, a stunning defeat for Senate Majority Leader Mitch McConnell and a blow to President Donald Trump’s drive to reshape the U.S. central bank before he leaves office. After COVID-19 exposure forced two Republican senators into quarantine, the GOP was left short
New Jersey’s $3.7 billion tax-exempt COVID-19 emergency bond deal was oversubscribed to the tune of $40 billion, repriced by as much as 20 basis points to lower yields, coming amid a stronger municipal market Tuesday. The strong demand amid a dearth of new municipal issuance by states and a search for yield also allowed New
Despite tangible evidence dispelling that it’s hard to find Black talent, the financial services have yet to crack the code when it comes to building a representational workforce. But is representation a sufficient solution on its own? Join us for a panel discussion with host Tobias Salinger of Arizent featuring guests from the Access Denied:
The effect of coronavirus is constantly felt by Americans, both in their daily lives and in their financial well-being. While the first stimulus package delivered some financial relief starting in April through Economic Impact Payments (EIP), there were several glitches in the first stimulus package, partially due to the lack of direct deposit access for
Municipal bonds were steady to slightly stronger out long on Monday as investors look forward to this week’s new-issue slate in the last full trading week ahead of the Thanksgiving holiday and month end. Yields on top-rated bonds fell by as much as one basis point on longer-dated maturities on AAA scales while U.S. Treasury
President-elect Joe Biden’s infrastructure policy will focus on investments in railways, technology upgrades, and resiliency as the former vice president and longtime senator will seek to deliver where Donald Trump did not. That was the message delivered Thursday during an American Association of State Highway and Transportation Officials virtual conference by John Porcari, co-chair of
Despite reports that a vaccine is close, the coronavirus pandemic overshadowed the news, with consumer sentiment falling and Federal Reserve Bank of St. Louis President James Bullard reiterating what the Fed has been saying: health issues will determine how the economy rebounds. The producer price index rose 0.3% in October, after a 0.4% rise in
New Jersey heads into the market next week to sell $4.3 billion of general obligation bonds on Nov. 18 to offset revenue the losses caused by the COVID-19 pandemic. The deal will test the state’s low bond ratings — punctuated by another downgrade ahead of the deal — against the market’s continuing demand for paper.
Chicago Mayor Lori Lightfoot’s administration sees recent bond rating actions as evidence her budget plan strikes the right balance in managing COVID-19’s fiscal wounds. It’s an argument officials hope can help win over City Council critics as they work to drum up the 26 votes needed to pass the 2021 budget Nov. 24, and it’s
The latest wave of COVID-19 outbreaks in the U.S. may weigh on economic growth in the coming months, Federal Reserve Bank of New York President John Williams said. “That clearly puts a question mark on the ability of the economy to kind of weather this period. I would expect the growth in the fourth quarter
Municipal bonds strengthened on the long end Friday as the new-issue calendar bulked up to over $11 billion. Crosscurrents of the coronavirus spread, state and local government shutdowns, and post-election stress pushed investors into safe-haven assets. Yields on top-rated bonds fell by as much as two basis points on the AAA scale. On the week,
Financial markets should not fret if the Federal Reserve’s emergency lending facilities are not extended at the end of this year, when all but one are due to expire, Federal Reserve Bank of St. Louis President James Bullard said. “Whether we extend them or not may not be that material to financial markets because we
California’s Proposition 14, a statewide ballot measure that provides an additional $5.5 billion in bond authority to fund stem cell research in the state appears headed for certification Dec. 11. The ballot measure has garnered 51% of the vote, according to the California Secretary of State’s website. The Associated Press called the election Thursday night,
A customer smokes marijuana at the Lowell Cafe, a cannabis lounge in West Hollywood, California. On Election Day, Arizona, Montana, New Jersey, and South Dakota voters agreed to legalize recreational marijuana. Mississippi and South Dakota voters legalized medical marijuana.Bloomberg News Statewide referendums on taxes had mixed results on Election Day while eight measures in five
Municipal bonds strengthened on Thursday after a one-day break in the trading week. Yields on top-quality bonds fell as much as four basis points on the intermediate- to long-end of AAA curves. Yields on U.S. Treasuries dropped as much as nine basis points. “Coronavirus resurgence has cities and states planning on, if not already executing,
Three of the world’s top central bankers warned Thursday that the prospect of a COVID-19 vaccine isn’t enough to put an end to the economic challenges created by the pandemic. “We do see the economy continuing on a solid path of recovery, but the main risk we see to that is clearly the further spread
The October consumer price index came in below expectations, while initial jobless claims beat expectations for the week, but analysts still consider the economy fragile as COVID-19 cases continue rising across the country. CPI was flat in October on a seasonally adjusted basis, after a 0.2% increase in September, while the core rate was also
Randal Quarles, the Federal Reserve’s vice chair of supervision, told lawmakers that the Fed’s lending is a backstop for municipalities and that it may not be an answer to all issues facing state and local governments. That was his message during a Senate Banking Committee hearing on Tuesday. During the hearing, Sen. Jack Reed, D-R.I.,
Legislative action to respond to Illinois’ gaping state budget hole won’t come before January after the General Assembly canceled its fall veto session. Democratic leaders who control the House and Senate announced the decision Tuesday amid a dramatic rise in COVID-19 cases in the state capital. I’m very very focused on making sure that our
Chicago O’Hare International Airport’s debt-fueled expansion plans combined with the COVID-19 pandemic’s air travel blows led Moody’s Investors Service to move the airport’s rating outlook to negative. Moody’s affirmed the A2 rating on $1.1 billion of general airport revenue bonds and $419 million of passenger facility charge-backed bonds while revising the outlook from stable. The
The Illinois Finance Authority signed off Tuesday on an up to $500 million state revolving fund deal that offers triple-A ratings with the state’s name. The borrowing allows the state to keep moving forward with its clean water initiative and will mark the second SRF financing to carry the green designation. In contrast, the state
U.S. Supreme Court Justices on Tuesday heard arguments in California v. Texas, a case that seeks to overturn the Affordable Care Act. The lawsuit, filed by a Texas-led coalition and later supported by the Trump Administration, argued that a Republican-led Congress rendered the ACA’s individual mandate unconstitutional when it reduced the penalty for forgoing coverage
Financial disruptions have and will continue to happen over the course of time, but there are certain variables that make these shocks even worse, according to Eric S. Rosengren, president of the Federal Reserve Bank of Boston. Rosengren said there needs to be more attention paid to the “seriousness of outcomes in recessions,” that are
Municipals weakened on Monday as U.S. Treasuries sold off while stocks soared on positive news about a COVID-19 vaccine and a Biden presidency became clearer. Yields on top-rated municipals rose by as much as five basis points on the long end of the AAA scales. Treasuries weakened substantially, with yields rising as much as 14
- « Previous Page
- 1
- …
- 53
- 54
- 55
- 56
- 57
- …
- 89
- Next Page »