Bonds

Federal Reserve Bank of Atlanta President Raphael Bostic said January’s strong jobs report raises the possibility that the central bank will need to increase interest rates to a higher peak than policymakers had previously expected. If a stronger-than-expected economy persists, “It’ll probably mean we have to do a little more work,” Bostic told Bloomberg News

Oklahoma State Treasurer Todd Russ is ready to defend the state’s financial well-being against the “dangers” of using environmental, social, and governance factors in investment and credit decisions. The Republican who took office Jan. 9 announced a plan last week to vet banks and financial companies under a 2022 Oklahoma law that directs his office

As interest rates continue to rise, the draw of pension obligation bonds appears to be falling fast. A financial instrument that has appealed to many municipalities to remedy underfunded pension plans is once again looking like a losing borrow and bet scheme. “Typically, the biggest risk with POBs is market timing risk,” said Todd Kanaster,

The developers of the American Dream mall in East Rutherford, New Jersey, have missed another scheduled debt service payment on the bonds issued to bankroll its construction. Triple Five, owner and developer of American Dream, missed a payment due on $287 million of limited obligation grant revenue bonds issued through the Public Finance Authority in

The triple-A Texas program that guarantees public school bonds is quickly using up its already limited capacity, ending December with only a projected $26.65 million available. Amid a slew of school debt approved by voters last year, the Permanent School Fund program has experienced high demand that shrank its projected available capacity from $3.97 billion

On the heels of municipal bond issuance disappointing in 2022, nearly two-thirds of market participants in a Bond Buyer live market survey said they expect 2023 issuance to remain around last year’s levels. The muni market saw $384.086 billion of debt issued in 2022, down 21% year-over-year, as issuers were flush with cash and rising

Municipals were hit hard across the curve Friday, with the most damage felt on the short end. Triple-A benchmarks outperformed a U.S. Treasury rout on the heels of a hotter-than-expected jobs report. Triple-A benchmarks were cut six to 15 basis points at the one-year, with smaller cuts across the curve. U.S. Treasury yields rose eight

New York Gov. Kathy Hochul unveiled her $227 billion executive budget proposal for fiscal 2024, up 2.4% from the final $220 billion fiscal 2023 budget that was approved in April. The state’s fiscal year begins on April 1. Last year, the state budget was approved a week late. “I’m committed to doing everything in my power to

Municipals were firmer Thursday as municipal bond mutual fund outflows returned, while U.S. Treasuries were steady and equities ended mixed. The three-year muni-UST ratio was at 55%, the five-year at 57%, the 10-year at 63% and the 30-year at 88%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at

The Puerto Rico Oversight Board threatened to pay as little as 0.21% of par to Puerto Rico Electric Power Authority bondholders who don’t accept its settlement offer. The main PREPA bondholder group challenged to the assumptions behind the Oversight Board’s offer. The less-than-1% payout scenario is based on the board winning in the adversary proceeding

Bolingbrook, Illinois, was downgraded seven notches by S&P Global Ratings, which cited the Chicago suburb’s unwillingness to cover shortages on unrated sales tax revenue bonds as a management and governance risk. The village of 73,000said the downgrade “sets a harmful and disruptive precedent for any credit secured by specific revenues that do not pledge the

Florida faces a year of unprecedented opportunities tempered by some economic challenges, according to participants at a virtual conference held by the Florida Chamber of Commerce. “We believe that Florida is going to see another year of growth,” Mark Wilson, president of the chamber, said during its online 2023 economic outlook and jobs solution summit

Puerto Rico’s general fund net revenues were 28% above projections in December and 14% higher than those of December 2021. Through the first six months of the fiscal year, net revenues came in 14% ahead of projections and 3% ahead of July to December 2021, according to the Puerto Rico Department of the Treasury.  Net

In the midst of a supply and demand quandary — with the Federal Open Market Committee announcement looming on Wednesday — the municipal market began the week with a lackluster feel. That tone combined with the weakness in Treasuries on Monday — as investors were likely unwinding their longer-term trades and sitting on the sidelines

Chicago’s fiscal progress on structural balance and pensions drew rating upgrades and high-grade investors to recent bond deals but easing the longer term strains of pensions will require state intervention, Mayor Lori Lightfoot said.   Whether the city’s fiscal momentum can help Lightfoot win a second term is uncertain. She faces eight rivals vying for

Arizona’s launch last year of the most expansive school choice voucher program in the nation, which has proven to be costlier than expected, may be inspiring other states to follow suit with Iowa and Utah already enacting laws.  Katie Hobbs, Arizona’s new Democratic governor, called for the repeal of a 2022 law signed by Republican

The city of Miami and the county of Miami-Dade continue to rebound from the pandemic with unprecedented economic growth coupled with record low unemployment rates. Miami-Dade County Mayor Daniella Levine Cava unveiled plans to create an authority to fund innovation while Miami City Mayor Francis Suarez focused on the environment and housing affordability. The Miami-Dade

Republicans have finalized their roster of subcommittee chairs for the powerful House Ways and Means committee, one of the municipal market’s key panels. Pennsylvania Republican Rep. Mike Kelly will lead the newly-renamed tax subcommittee, formerly known as the Select Revenue Measures subcommittee, which writes tax policy and oversees tax collections. The position puts him in

Municipals were steady, down a basis point or two in spots, ahead of a paltry new-issue calendar, courtesy of next week’s Federal Open Market Committee meeting. U.S. Treasuries were slightly weaker and equities ended in the black. The three-year muni-UST ratio was at 54%, the five-year at 57%, the 10-year at 62% and the 30-year

Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the federal debt limit, avoiding engaging with other proposed stopgap measures including short-term extensions or spending cuts. “It’s overly necessary for Congress to raise the debt limit, and I hope they do so in a timely