Bonds

Federal Reserve Bank of San Francisco President Mary Daly said she expects the central bank to raise interest rates to levels that restrain the economy, though it’s not clear how much further policy makers will need to go to bring down hot inflation. The central bank, which raised interest rates by 75 basis points this

Municipals outperformed moves in U.S. Treasuries Thursday, playing catch up to taxables’ massive flight-to-safety rally that hit Wednesday, while equities ended in the black. Municipal triple-A yield curves saw up to 10 basis point bumps on the long end while UST saw yields fall four to eight basis points. Muni-UST ratios on Thursday were at

After wrapping up his final deal, Wisconsin Capital Finance Director David Erdman is packing up an office filled with three decades of paperwork as his tenure with the state winds down and he makes the leap to the private sector at Baker & Tilly Municipal Advisors LLC. There’s also a “retirement” party to attend Thursday

Cleveland State University in Ohio is banking on a housing play financed with a portion of a $148.8 million bond sale Thursday as part of its strategic plan to bolster its appeal and housing opportunities. Euclid Avenue Development Corp., a unit of the university established to develop, own, and manage housing and parking facilities, will

Constructive secondary trading and an active primary pushed triple-A muni yields lower on the back of a U.S. Treasury flight-to-safety rally after Federal Reserve Chair Jerome Powell acknowledged for the first time that it was “certainly a possibility” the U.S. economy may face a recession as the Fed continues to contend with inflation. “Inflation has

Municipals were little changed Tuesday as U.S. Treasuries sold off on the long end and equities rallied. Triple-A benchmarks have remained steady over the past several trading sessions following the massive volatility at the start of last week. The majority of the losses happened last Monday and Tuesday traders and investors were trying to get

Moody’s Investors Service boosted Denver International Airport’s bond ratings a notch ahead of a $1.84 billion sale for its current capital plan. The senior revenue bond rating was raised to Aa3 from A1 and the rating on subordinate revenue bonds was upgraded to A1 from A2, affecting about $5.2 billion of outstanding debt.  “The ratings

The team developing John F. Kennedy International Airport’s flagship new terminal will tap the municipal bond market for more than $6 billion through 2026, with more debt on the horizon for future phases of the high-profile project.   The New Terminal One private consortium overseeing the $9.5 billion development closed June 10 on a $6.63

Eleven U.S. sites were chosen Thursday to host some of World Cup soccer matches in 2026, an event that could add millions of dollars to a municipality’s coffers. FIFA, the governing body of international soccer, said Miami-Dade County, Atlanta, Philadelphia, Boston and the New York-New Jersey area were among the 11 U.S. locations chosen to

Federal Reserve Bank of Kansas City President Esther George said she opposed the Fed’s biggest interest-rate increase in almost three decades because the move, combined with the shrinking of the central bank’s balance sheet, created uncertainty about the outlook. “The speed with which we adjust the policy rate is important,” George said in a statement

The Federal Reserve said it would do what is needed to get prices under control, reiterating that price stability is necessary to support a strong labor market and calling its commitment to reining in inflation “unconditional.” “The committee is acutely aware that high inflation imposes significant hardship, especially on those least able to meet the

Texas is getting closer to producing a list of financial companies that it deems to be boycotting energy businesses — a move that could further diminish the number of big banks eligible to underwrite municipal bonds in the state. The looming list and a law barring banks that “discriminate” against the firearm industry from deals

The acquisition of Cancer Treatment Centers of America and financial weaknesses over the past two years have resulted in City of Hope, the Los Angeles region’s world-renowned research and cancer treatment center, receiving a one-notch downgrade to A2 by Moody’s Investors Service. The downgrade to A2 from A1 affects $2 billion in long-term debt issued

Municipals were little changed Friday after being swept along in a selling rampage at the start of the week, while U.S. Treasuries were weaker and equities were in the black. Muni-to-UST ratios rose, with the 30-year topping 100% for the first time since late May. Ratios were at 71% in five years, 90% in 10

Chicago-based Loop Capital Markets LLC has hired two senior transportation and housing sector managers away from Wall Street competitors and put more banking boots on the ground in Texas with three recent hires. Ira Smelkinson started in the minority-owned firm’s New York office June 1 as a managing director and head of a now-four member

Municipals were little changed on the day while other markets continued to react to the Fed rate hike as U.S. Treasuries were stronger and equities sold off. Refinitiv Lipper reported $5.6 billion of outflows, the highest figure of outflows in 2022, as Monday’s massive selloff contributed to more losses for municipals. That figure is up

Municipals took a backseat as the Federal Open Market Committee announced its decision to implement a three-quarter point rate hike while U.S. Treasuries rallied into late afternoon following the news. Equities rallied. The move, prompted partly by hotter-than-expected inflation data Friday, is the largest rate hike since 1994. “Investors appear encouraged that the FOMC is

Puerto Rico Gov. Pedro Pierluisi on Tuesday ordered a 45-day moratorium on a diesel and gasoline tax, which could trim $25 million that would normally go to the general fund. “With this measure we seek to relieve the people and the economic impact on our families due to the increase in fuel prices as a

Municipals were weaker amid larger losses in U.S. Treasuries while equities ended mixed as markets were quieter ahead of the FOMC rate-hike decision Wednesday. Triple-A benchmark yields were cut five to eight basis points, depending on the scale, while USTs rose six to 11 basis points. Muni-to-UST ratios were at 66% in five years, 84%

The Securities and Exchange Commission has charged the City of Rochester, New York, the Rochester City School District’s former finance director and the city’s former chief financial officer with misleading investors and providing outdated financial statements in connection with a $119 million bond offering in 2019. The Commission also charged municipal advisory firm Capital Markets