Bonds

Municipals were lightly traded and little changed Friday ahead of a much smaller calendar and the Federal Open Market Committee meeting during which the first rate cut in four years is expected. U.S. Treasuries and equities closed out a volatile week in the black. Triple-A muni yields barely budged across the yield curve while USTs

The muni bond market grew in the second quarter as ownership by household and exchange-traded funds grew, while U.S. banks and insurers continued to reduce their holdings, the latest Federal Reserve data shows. The face amount of munis outstanding ticked up to $4.129 trillion, a 1.1% increase from the first quarter of this year and

Municipals were little changed outside of cuts on the one-year Thursday while inflows into municipal bond mutual funds topped $1 billion, clocking in at the second highest total this year. U.S. Treasuries were slightly weaker and equities ended up. Investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion for

After three years of preparation and just over three months after the official implementation date, the move to a T+1 settlement cycle is beginning to show signs of success. That’s according to a white paper issued by the Securities Industry and Financial Markets Association, a key stakeholder and thought leader in preparing the market for

Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta.Bloomberg News Federal Reserve Bank of Atlanta President Raphael Bostic violated the central bank’s trading rules and policies in 2022, according to a government watchdog report. The Federal Reserve’s Office of the Inspector General, or OIG, released the findings from its review

Vice President Kamala Harris and former President Donald Trump shined no new light on the economic and tax policies important to the municipal bond market during their high-stakes debate Tuesday night, though brief mentions of housing, energy policy and tariffs carry modest interest to participants. “The debate was pretty light in general,” said Matt Fabian,

Municipals were steady to slightly firmer in spots while the primary market took focus with at least 17 deals over the $100 million market hitting the screens led by billion-dollar-plus pricings from Washington, D.C., and Illinois. The New York City TFA priced $1.5 billion for retail investors and Chicago accelerated a pricing of water revenue

Texas Children’s Hospital, which was hit with rating downgrades this summer in the wake of operating losses, is moving ahead with an approximately $222 million revenue bond sale this week.  The tax-exempt, fixed-rate debt issued through the Harris County Cultural Education Facilities Finance Corp. is scheduled to price Thursday. Proceeds are earmarked for capital projects

Efforts by Muni Pride to align with other public finance affinity groups are reaping dividends for the group, which has grown to more than 100 individuals since its inception in 2019. The California-based national LGBTQ+ networking group will host its next event Oct. 1 in New York City. Connecticut State Treasurer Erick Russell will offer

Local water authorities in California’s Central Valley are not happy with environmental regulations being imposed by the Biden Administration.  “Our Central Valley is the backbone of our nation’s food supply, yet unreliable water allocations and overreaching regulations continue to hurt our farmers and our community,” said Rep. John Duarte R – Calif.  ”We can do better,

Siebert Williams Shank has brought on Lori Ciraolo to further strengthen its taxable fixed-income team. Ciraolo, who spent more than 17 years at Goldman Sachs, has been hired as a senior vice president in corporate and municipal short-term securities to help expand SWS’ taxable muni franchise through commercial paper trading. “It’s a hybrid role between

The judge overseeing the bankruptcy for Puerto Rico’s government-owned electric utility continued a pause on litigation related to the case as the power provider and its creditors negotiate a possible debt-cutting deal.  U.S. District Court Judge Laura Taylor Swain extended for an additional 30 days the litigation stay through Oct. 8 and ordered the parties

The employment report did not settle the 25 or 50 basis point rate cut argument, economists said, as it offered a mixed bag, with lower-than-expected jobs added and downward revisions to previous months’ numbers, while earnings grew and the unemployment rate dipped. Nonfarm payrolls rose 142,000 in August, less than the 165,000 expected, while the

Speaking Thursday to the Economic Club of New York, former President Donald Trump proposed the creation of a U.S. sovereign wealth fund to pay for infrastructure projects. “We’ll create America’s own sovereign wealth fund to invest in great national endeavors for the benefit of all of the American people,” Trump said. “Why don’t we have

Municipal and U.S. Treasury markets improved Friday after a weak jobs report sent investors fleeing equities in a flight-to-quality trade. While the employment report did not settle the 25 or 50 basis point rate cut argument, economists said, it did cause the UST 2s/10s to de-invert.  “While stocks are selling off, we are witnessing a

The Jackson Hospital & Clinic in Montgomery, Alabama, has named a chief restructuring officer in the aftermath of a bond payment default. Allen Wilen, partner at Eisner Advisory Group, will be the chief restructuring officer bond trustee UMB Bank, N.A., announced Thursday after the hospital failed to make a bond payment Tuesday. UMB believes there

Municipals were slightly firmer Thursday amid another busy day in the primary market, which saw a $1.1 billion deal from the North Texas Tollway Authority price and $850 million of general obligation bonds from Massachusetts sold in the competitive market. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at

One third of bridges in the U.S. need to be repaired or replaced. But federal infrastructure dollars are helping states chip away at that number, according to the American Road & Transportation Builders Association’s latest annual bridge report. “‘Slow and steady’ describes ongoing state efforts to reduce the number of bridges in poor condition (“structurally

South Dakota voters will determine the fate of Initiated Measure 28, which would eliminate the state sales tax on groceries. Illinois, Oklahoma, Kansas, Arkansas, Utah, Tennessee, Alabama and Virginia have eliminated or reduced this tax, according to the Urban Institute Tax Policy Center.  “Grocery taxes are regarded as a regressive form of taxes, and cutting

New Hampshire faces questions familiar to many states: whether it’s funding schools enough and whether its method of funding is acceptable.  But the state’s hostility toward creating statewide income or sales taxes and legal precedents add some wrinkles. Challenges to the state’s education funding worked their way through the courts until a Superior Court judge