San Jose, California, will head to market Wednesday with a $200 million competitive general obligation bond deal riding an upgrade to AAA from Fitch Ratings. The city received the one-notch upgrade to its GOs, but not its issuer default rating from Fitch, for both the upcoming deal and $502 million in outstanding GO debt, based
Bonds
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
The Federal Reserve Bank of Minneapolis will require its employees to be vaccinated against COVID-19, the bank’s president, Neel Kashkari, said. “In order to fulfill our public-service mission, we need more face-to-face contact than remote work allows, but there is no way for us to bring a critical mass of our staff back into our
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
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,”
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
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
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
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
Federal Reserve Gov. Christopher Waller said the better-than-expected performance of the U.S. economy warrants scaling back asset purchases sooner than expected and he favors starting with mortgage-backed securities. “We are now in a different phase of economic policy so it is appropriate to start thinking about pulling back on some of the stimulus,” Waller said
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.
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
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