Bonds

Triple-A benchmark yields were little changed on the shorter end of the curve, while bonds outside of five years saw the first bumps of substance in 2022 to begin the new month. Treasuries were softer to close the session, while equities rebounded to end in the black. The municipal to UST ratio five-year was at

Federal Reserve Bank of St. Louis President James Bullard said he would like to raise interest rates at the central bank’s meetings in March and May but played down the benefits of a larger-than-expected move. “Fifty basis points, I don’t think helps us — at least sitting here today, I don’t think that really helps

What to do when your municipal electric utility is slammed by huge bills after the state electric grid failed to balance supply and demand? Bring in a new power-hungry customer to help pay off those bills. That’s what Denton, Texas, is doing. Now, the money it realizes from having Core Scientific as a customer will

Municipals ended the month in the red but yields rose only a basis point or two on most triple-A scales on Monday while U.S. Treasuries were also softer and equities rallied hard. Triple-A benchmark yields rose slightly as did UST, keeping muni to UST ratios in a higher range. The municipal to UST ratio five-year

AllianceBernstein has partnered with Vestmark, Inc., to provide a digital separately managed account platform that allows registered investment advisors to create more bespoke muni portfolios within a matter of days. The Custom Municipal SMA Solutions platform combines AllianceBernstein’s fixed-income trading tool, AbbieOptimizer, with Vestmark’s ability to access timely and accurate fixed-income tax-lot data from custodians

The Puerto Rico Oversight Board has discussed completing the Puerto Rico Electric Power Authority restructuring without a local law supporting it, since members of a Senate panel appear opposed to such legislation. The board reached preliminary terms with the bondholders on a Restructuring Support Agreement in spring 2019. As currently proposed, the Puerto Rico Senate

President Joe Biden Friday visited the site of a major Pittsburgh bridge that collapsed just hours before he was scheduled to visit the city to highlight his infrastructure spending plan. Looking at the 450-foot collapsed span, Biden pledged the White House would “fix them all,” referring to thousands of bridges needing investment nationally. “We’re sending

Municipal yields rose double digits Friday bringing levels to highs not seen since early April 2020. The short end of triple-A scales has risen more than 30 basis points over the past five sessions on elevated selling pressure and overall market volatility. Triple-A yields rose by six to 10 basis points and ratios increased again

Credit unions and teachers’ associations separately filed notices of appeal of the court-approved Puerto Rico Plan of Adjustment Friday afternoon. The teachers’ associations will ask the appeals court to stay implementation of the plan, said Bufete Emmanuelli Partner Jessica Méndez Colberg. In the last week the Oversight Board said it was hoping the plan could

Michigan’s multi-billion dollar revenue windfall puts tax relief front and center for Democrats and Republicans alike as the legislative session and budget season heats up. While both sides of the aisle are pushing for tax cuts, the form they would take remains the subject of debate. Gov. Gretchen Whitmer, a Democrat who is up for

The Puerto Rico Oversight Board passed a fiscal plan Thursday with 18% more spending through fiscal 2026 compared to the fiscal plan it approved in April. The fiscal plan projects $107.5 billion in Puerto Rico government spending and federal spending for Puerto Rico, from the current fiscal year to fiscal 2026. The April fiscal plan

A state-approved pension enhancement for some Chicago firefighters adds $180 million to the fund’s existing $5.29 billion of unfunded liabilities and $16 million to $17 million in additional annual costs that add up to $700 million by 2055. The legislative change approved last year and signed by Gov. J.B Pritzker made permanent a cost-of-living adjustment

Municipals continued their ascent to higher yields Wednesday, even before the Federal Open Market Committee said it would “soon” raise interest rates. U.S. Treasury yields spiked following the FOMC statement and Chairman Jerome Powell’s comments. “Powell’s seeming unwillingness to dismiss some of the more-hawkish scenarios for the path of policy this year, leaving all options

Wisconsin’s projected budget surplus swelled by $2.9 billion according estimates published by the non-partisan Legislative Fiscal Bureau, setting the stage for a fresh partisan fight over where to direct the windfall. The annual January review projects that the state will now close out the fiscal biennium June 30, 2023 with a $3.8 billion net balance.

Municipals faced more cuts to triple-A benchmark yields with the five-year hitting 1%, a level not seen on Refinitiv MMD’s curve since May 2020 and the 10-year at 1.34%, a high not seen since April 2020 when the market was in recovery from the initial COVID-induced selloff. U.S. Treasuries were slightly weaker while equities ended

The Biden administration’s aversion to infrastructure projects that add new highway capacity is a one-size-fits-all outlook at odds with reality of 50 different state-based transportation systems. That’s the message the American Association of State Highway and Transportation Officials passed along to Stephanie Pollack, deputy administrator of the Federal Highway Administration in a Jan. 19 letter.

Selling pressure on the short end continued on Monday and triple-A benchmark yields were cut by as much as five basis points there while U.S. Treasuries pared back earlier gains and equities rebounded from a large selloff earlier in the day. Ratios rose with the day’s moves with the municipal to UST five-year at 64%,

The Securities and Exchange Commission’s acting director for its Office of Municipal Securities singled out disclosures related to its Rule 15c2-12 as an area the office is watching closely, following an academic study that found serious deficiencies in continuing disclosure. Ernesto Lanza raised that subject in his remarks before the Government Finance Officers Association’s Committee

State and local governments are poised to withstand some of the Omicron-related economic damages thanks to more robust rainy day funds and billions of unspent federal aid, industry experts believe. “It’s continuing, unfortunately, and we’re in the middle of another surge right now,” said Eric Kim, senior director at Fitch Ratings, at the Volcker Alliance

Justin Brannan will head the New York City Council Finance Committee, Speaker Adrienne Adams announced. “My charge is to make sure we are spending wisely, safeguarding our city’s financial future, and fortifying the city’s social safety net for New Yorkers who need it most,” Brannan, a hardcore punk rocker before turning to politics, said when