Municipals were steady Tuesday ahead of Wednesday’s Federal Open Market Committee meeting and Consumer Price Index report, as U.S. Treasury yields fell and equities were mixed near the close. “The market’s great expectations regarding Fed cuts have witnessed a dramatic downward adjustment since the start of the year,” said Vikram Rai, head of municipal markets
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With the Federal Open Market Committee unlikely to change the fed funds rate target at this week’s meeting, the markets will concentrate on the Summary of Economic Projections and whether it shows expectations reduced to one or two 25 basis point rate cuts this year from the three suggested by the previous dot plot. “Three
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Municipals were little changed Monday as investors await a smaller calendar amid an FOMC week, outperforming Treasuries, which saw small losses, while equities were up near the close. The two-year muni-to-Treasury ratio Monday was at 65%, the three-year at 65%, the five-year at 66%, the 10-year at 65% and the 30-year at 82%, according to
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S&P Global Ratings upgraded the Greater Orlando Aviation Authority’s senior-lien airports facilities bonds to AA from AA-minus with a stable outlook Friday, citing Orlando International Airport’s growing enplanement counts. “The upgrade reflects Orlando International Airport’s very high activity levels and long history of favorable enplanement trends supported by serving an expanding service area economy with
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Struggling Pennsylvania hospital chain Tower Health plans to exchange current debt and raise additional funds as it pursues a turnaround.  The system, trustee and bondholders of about $992 million in debt are supporting an exchange of “substantially all” existing bonds, according to a May 31 agreement that Tower Health disclosed in a filing Monday on
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Gov. J.B. Pritzker on has signed Illinois’ $53.1 billion fiscal year 2025 budget, which includes $198 million for the state’s rainy day fund and $182 million for the migrant crisis as well as creating a Department of Early Childhood and an innovation center at the University of Illinois-Springfield and funding the new state-based insurance marketplace.
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Back in December 2023, when the market was pricing in six or so rate cuts, Apollo Asset Management’s co-president Scott Kleinman had a more contrarian view: He said he’d be betting against any rate cuts in 2024.  That call so far has paid off. But higher-for-longer rates haven’t necessarily been a tailwind for the private-equity industry as
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