Bonds

Municipals saw some weakness and yield pressure on certain primary deals in repricings following an up and down U.S. Treasury market. Triple-A benchmark yields rose on bonds 10-years and out with one to two basis point cuts to scales. New issues saw a mixture of bumps and cuts on Tuesday, reflecting a general spread widening

A discussion about raising interest rates is still quite a ways off as the Federal Reserve begins debating tapering its bond-buying program, New York Fed President John Williams said. “That’s still way off in the future,” Williams said of rate hikes during a Bloomberg Television interview on Tuesday. “Right now, really, I think the attention

Federal Reserve Chair Jerome Powell said inflation had picked up but should move back toward the U.S. central bank’s 2% target once supply imbalances resolve. “Inflation has increased notably in recent months,” Powell said in written remarks prepared for his Tuesday testimony before the House Select Subcommittee on the Coronavirus Crisis, citing increases in oil

Questions are swirling around the future of Texas after Gov. Greg Abbott vetoed funding for the state legislature while raising funds for a border wall and calling for a special session. “Funding should not be provided for those who quit their job early, leaving their state with unfinished business and exposing taxpayers to higher costs

Inflation risks may warrant the Federal Reserve beginning raising interest rates next year, St. Louis Fed President James Bullard said, backing an even-earlier liftoff than penciled in by many of his colleagues. “I put us starting in late 2022,” Bullard said Friday during a TV interview on CNBC, referring to interest-rate projections published Wednesday by

A new opinion issued by the Justice Department says Puerto Rico’s admission as a state could legally include a transition period to temporarily continue the special bankruptcy provisions under PROMESA. That’s good news for the ongoing restructuring of the territory’s debt because it provides an assurance that statehood would not necessarily involve an abrupt dissolution

Municipal bond yields rose on the short end Friday as munis again played catch up to the moves in short U.S. Treasuries and investors became more aggressive in bid lists for high-grade paper. The UST note, 0.785% on Tuesday, touched 0.96% in the afternoon and was at 0.89% near the close Friday, leading to the

Illinois spread penalties narrowed this month to levels in line with its ratings for the first time in years as the state reaps the benefits of swelling tax revenues, federal cash and a market looking for scarce yield. The state’s 10-year spread currently stands at 63 basis points higher than Refinitiv Municipal Market Data’s AAA

Parties have filed nearly 30 objections to the Puerto Rico Oversight Board’s proposed Disclosure Statement for its central government debt Plan of Adjustment, with a key complaint coming from the Puerto Rico government, which said it will not authorize new bonds if pensions are cut. The parties had until 5 p.m. on Tuesday to file

Connecticut Gov. Ned Lamont said he would sign legislation authorizing adult-use cannabis after lawmakers approved it. “The states surrounding us already, or soon will, have legal adult-use markets,” Lamont said Thursday after the Senate approved the measure by a 16-11 vote, with nine senators abstaining. “We’re not only effectively modernizing our laws and addressing inequities,

Municipal bond yields rose by as much as seven basis points in the belly of the curve Thursday, playing catch-up to the U.S. Treasury market, while Refinitiv Lipper reported another large round of inflows, a nod from investors that they remain engaged in the market, regardless of low rates. Refinitiv Lipper reported $1.85 billion of

The California legislature passed a $261.4 billion placeholder budget with proposals that use an unprecedented surplus and federal funding to expand social programs despite protests from some Republicans. The Legislature, ruled by Democrats in both houses, met the June 15 constitutional requirement to approve a budget by Monday’s deadline or lose a portion of their

Two veteran municipal analyst professionals — John Kenward and Kathy Evers — retired this spring from Standard & Poor’s Global Ratings and Kate Boatright has moved over from the analyst side to take on Evers’ role as head of the U.S. relationship management team. The Dallas-based Boatright, who was a senior director for the U.S.

Tennessee heads to market next week with $658 million of general obligation bonds, the largest GO sale in the state’s history. The bonds are of the highest quality, rated triple-A by Moody’s Investors Service, S&P Global Ratings and Fitch Ratings. All three agencies have stable outlooks on the credit. Demand is expected to be high

Municipals played catch up to U.S. Treasuries and were softer outside of 10 years, but the primary was the focus Tuesday with several large new issues repriced to lower and higher yields. Triple-A benchmarks rose one to two basis points, USTs were little changed on the day in the 10-year and off a basis point

Connecticut’s legislature will reconvene in special session at 10:30 a.m. Wednesday in Hartford to take up a bill to legalize recreational marijuana use. Lawmakers already passed a biennial budget but they could not enact the marijuana bill before the close of the regular session on June 9 when Republicans in the House of Representatives threatened

Municipals were little changed Monday as the market awaits the larger new-issue calendar and participants position themselves ahead of the Federal Reserve meeting. After a week of U.S. Treasury strength, rates rose Monday bringing the 10-year back to 1.50% after hitting 1.43% Thursday, a three-month low. Municipals did not follow and few participants anticipate any

With the race for New York mayor riveted on public safety, candidates for comptroller got a chance to discuss the city’s finances in their first televised debate. That didn’t stop the top eight Democratic hopefuls from extending beyond financial nuts-and-bolts on Thursday’s NY1 get-together, in advance of the June 22 primary. Scott Stringer, who has

A $4.4 billion, three-year boost in Wisconsin revenue projections will drive its once barren budget reserve to record levels and throw more fuel into the partisan showdown over the next state budget. The Legislature Fiscal Bureau’s fresh round of revenue projections – which are offered biennially in the spring to allow lawmakers to finalize the

Two bipartisan Senate infrastructure proposals unveiled Thursday have raised hope that the Biden administration will avert a Democrats-only approach. One involves a wide-ranging framework worked out by 10 senators while the other involves more narrowly tailored legislation that would spend $78 billion on passenger and freight rail. The narrowly focused bill is the latest bipartisan