Bonds

Massachusetts Gov. Maura Healey on Thursday announced a five-year, $14 billion capital plan that would lean on a mix of funding to carry out work across the state. The fiscal 2024-2028 Capital Investment Plan, Healey’s first capital spending proposal since taking office, includes spending for housing development, transportation, and green energy. “We’re also expanding support

Municipals were slightly firmer Friday ahead of a larger new-issue calendar with bellwether names, as U.S. Treasuries were stronger to close out the week while equities ended in the red. The $6.9 billion new-issue calendar features several high-grade deals, including nearly $1 billion of refunding general obligation bonds from Massachusetts, $886 million of GOs from

The California Housing Finance Agency had its rating upgraded to Aa2 by Moody’s Investors Service, which cited the state treasurer conduit’s improved financial strength. It is the highest rating in agency history, according to CalHFA, and is among the top ratings that Moody’s assigns to housing finance agencies nationwide. “This rating has CalHFA well-positioned to

After a late-night legislative session on Wednesday, members of the Nashville Metropolitan Council voted 38-0 to approve a fiscal year 2024 budget that matches the $3.2 billion size and most substance of Mayor John Cooper’s May budget plan, preserving his signature proposal for a pay increase for public employees, while shifting some funds to do

Cook County expects to end the current fiscal year with a surplus providing some cushion as it looks to erase an $85.6 million gap looming in the next budget as rising salary and pension expenses, healthcare, and a state change on personal property replacement tax distributions weigh on the county’s fiscal landscape. The gap next

The Puerto Rico Oversight Board said challenges to its Puerto Rico Electric Power Authority projections are “irrelevant.” The board filed its argument Tuesday evening in response to a PREPA bondholders filing a week earlier defending their right to have U.S. District Court Judge Laura Taylor Swain consider their attacks on the assumptions of the fiscal

Federal Reserve Chair Jerome Powell said policymakers expect interest rates will need to move higher to reduce U.S. growth to below its long-term trend and contain price pressures, with the timing of additional increases based on incoming data. “My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed

Municipals showed some strength Tuesday, U.S. Treasury yields fell and equities ended down. Triple-A scales bumped up to five basis points, depending on the scale, while UST yields fell three to five basis points. The two-year muni-to-Treasury ratio Tuesday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year at 68% and

Wisconsin lawmakers signed off on legislation that raises local government aid and empowers Milwaukee and Milwaukee County to enact a sales tax hike after months of negotiations and dire warnings over the city’s looming insolvency. Lawmakers gave final approval to the legislation late Wednesday and Gov. Tony Evers is expected to sign it. As part

Federal Reserve Gov. Christopher Waller said the central bank should not reverse course on monetary policy simply because it is having an acute impact on certain banks. During a speech delivered Friday at the Norwegian central bank, Waller pushed back against the idea that rate hikes were to blame for the failures of Silicon Valley

Florida Gov. Ron DeSantis signed the $116.5 billion budget for fiscal 2023–24, which includes a $2.7 billion tax relief package and a debt reduction package. The general revenue portion of the budget is $46.1 billion, while the state’s reserves come in at $15.3 billion, 13.2% of the total budget for the fiscal year. The “Framework

While abundant snow and rain have eased drought conditions in the Southwest, states in the region are continuing to crack down on water use and invest in future water sources to accommodate a growing population.  In Arizona, which allocated $1 billion last year to protect and expand its water supply, Gov. Katie Hobbs had a

The Oklahoma Turnpike Authority contends it can alter routes of statutorily authorized toll road projects as the state Supreme Court weighs the validity of bonds to begin funding a $5 billion, 15-year extension project.  The state agency sought the court’s approval in August for $500 million of revenue bonds for the ACCESS (Advancing and Connecting

A pair of recent state court decisions have ruled that EMMA is not the news media for the purposes of the public disclosure bar to whistleblower lawsuits, a question that has been a key part of the defense argument of Wall Street banks accused in a series of lawsuits of conspiring to set variable-rate bond

Municipals were steady to end the week, continuing their outperformance of U.S. Treasuries. Equities were down near the close. Triple-A scales were little changed, while UST yields rose eight to nine basis points on the short end. The two-year muni-Treasury ratio Friday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year

Lawmakers in South Carolina have passed a fiscal 2024 budget that mirrors closely the plan pitched by Gov. Henry McMaster earlier this year. The fiscal 2024 budget proposal leans on federal funds, better-than-expected tax collections and a drawdown on reserves to bankroll a wide array of capital work and a boost to state employee salaries.

Moody’s Investors Service put the Guam Power Authority revenue bonds’ Baa2 rating on review for a possible downgrade following damage from Typhoon Mawar that hit the territory in late May. Moody’s on Wednesday said the downgrade review stemmed from Mawar’s damage to the territory and “to a lesser extent to GPA’s infrastructure,” said William Oh,

Federal Reserve Bank of Atlanta President Raphael Bostic disclosed having made prohibited personal trades last year.  Bostic said his account managers executed nine sales and 10 purchases on his behalf on May 2, 2022, one day before the Federal Open Market Committee was set to meet. Fed officials are prohibited from engaging in trades for

Bond traders are underestimating how much Tuesday’s Consumer Price Index report will show the inflation rate dropped last month, according to Citigroup Inc. strategist Raghav Datla. Datla’s assessment is partly based on comparing traders’ positioning now relative to back in January. Just five months ago, the market was coming off two consecutive lower-than-forecast CPI prints.

Municipals were steady ahead of this week’s consumer price index print and Federal Open Market Committee meeting. U.S. Treasuries were slightly firmer on the front end and equities were up near the close. The two-year muni-Treasury ratio Monday was at 64%, the three-year at 67%, the five-year at 68%, the 10-year at 69% and the