Bonds

Federal Reserve Governor Christopher Waller said he favors “another significant” increase in interest rates when the central bank meets later this month, signaling his backing for a 75 basis-point move. “Inflation is far too high, and it is too soon to say whether inflation is moving meaningfully and persistently downward,” Waller said in the text

The Inflation Reduction Act offers a crutch, if not exactly a lifeline, to operating nuclear plants, a sector long plagued with high debt and fixed costs that may now be poised for a rebound thanks to national clean-energy goals. The IRA, which President Biden signed into law Aug. 16, provides $30 billion in production tax

With a round of rating upgrades in hand, Illinois will hold an in-person and remote meeting with investors later this month to promote its fiscal progress ahead of its next bond sale. “The state of Illinois intends to hold an investor meeting on Wednesday, September 21st, in advance of an anticipated $700 million competitive general

Fitch Ratings lifted Ohio’s issuer default and general obligation rating to AAA Thursday over its “fiscal resilience” bolstered by stronger reserves and cash balances. Moody’s Investors Service and S&P Global Ratings rate Ohio one notch below the top mark at Aa1 and AA-plus, respectively, and both assign a stable outlook. The upgrade “reflects material strengthening

Assured Guaranty is expanding its efforts to provide environmental, social and governance data in the public finance space, partnering with UrbanFootprint, an urban data intelligence provider, with a new tool designed to assess risks. The product, Municipal Bond Insights, assesses climate and community resilience and risk for the public finance sector, providing a better understanding

Cook County, Illinois, extended the deadline by one week for eligible local governments to participate in a $300 million borrowing program that provides no-interest loans to manage a months-long delay in second installment property tax collections. The bridge loan program announced in July will spare suburban taxing bodies from having to issue tax anticipation notes

Municipals were weaker to kick off the holiday-shortened week, but outperformed a U.S. Treasury selloff that saw the 30-year UST yield hit just shy of 3.5%, while equities saw losses. Triple-A benchmark yields rose up to seven basis points, while UST yields rose 11 to 15 bps with the largest losses on the long bonds,

In bringing trade reporting times down to 1 minute from the current requirement of 15 minutes, the Municipal Securities Rulemaking Board’s proposal to amend Rule G-14 could have a wide impact on smaller broker dealers and liquidity providers without the resources to automate these transactions. That’s according to comments the MSRB received as part of

An Alabama ballot measure would allow local governments to use voter-approved special tax authority that is now reserved for bonds to finance projects on a pay-as-you-go basis. Amendment 6 is one of twelve proposed changes to the state constitution voters will decide Nov. 8. Backers said it would give municipal officials the option to finance

Municipals were steady Friday ahead of a holiday-shortened week where investors will be greeted by two large deals from the states of California and Pennsylvania in an otherwise lackluster new-issue calendar. U.S. Treasuries rallied on the front end of the curve. On Friday the two- and three-year muni-UST ratios are around 67%. The five-year was

The Puerto Rico Oversight Board filed suit against Gov. Pedro Pierluisi regarding a labor law it says reduces the island’s economic growth and government revenues. The board is challenging Act 41-2022, which Pierluisi signed earlier this summer. It filed the suit Thursday night in U.S. District Court for Puerto Rico as part of the central

What should be a full pipeline of national projects supported by an influx of federal infrastructure funds is being stymied by a “severe” labor shortage in the construction sector, and government on all levels need to do more to address the problem. That’s the message from the Associated General Contractors of America on the heels

Oregon economists predicted both moderate revenue growth and the possibility of a recession during their September forecast. Economists told lawmakers this week that either way the heady days of overflowing coffers are over. Under the rosier outlook, residents get that kicker rebate if the state forecast of $600 million more revenues than what was forecast

The encroachment of culture wars into the municipal bond market will likely increase, with Texas, which has enacted laws to punish companies for “boycotting” fossil fuel businesses and “discriminating” against the firearm industry, potentially leading the charge.  The laws have sidelined some big Wall Street banks from the Texas muni market; the state’s recently compiled

Sunita Lough, the respected head of the Internal Revenue Service’s Tax-Exempt and Government Entities division, is stepping down at the end of this month. Lough was serving as the commissioner of its Tax-Exempt and Government Entities division, which oversees compliance with municipal bond tax laws. Her official retirement date is scheduled for Sept. 30. Edward

Municipals sold off 10 years and out Thursday with triple-A benchmark yields rising up to double-digits on the long end as municipal bond mutual fund outflows increased nearly threefold from the week before to top $3.4 billion. U.S. Treasuries were weaker and equities were mixed. Triple-A benchmarks rose seven to 12 basis points 10 years

Baker Tilly US LLP will acquire the local government consulting firm Management Partners to supplement the range of services its already brings to the table in its public sector practice. Chicago-based Baker Tilly and Cincinnati-based Management Partners will close on the acquisition Oct. 1. All 96 of the firm’s professionals — most who count local

Mediators for the Puerto Rico Electric Power Authority restructuring asked the judge to extend the deal deadline from Sept. 9. The mediators asked PREPA bankruptcy Judge Laura Taylor Swain Thursday afternoon to extend the mediation, and deadline for a proposed deal, to 11:59 p.m. Atlantic Standard Time, Sept. 16, with the possibility of a further

Municipals were little changed Wednesday, being cut a basis point or two in spots to close out August, while U.S. Treasuries sold off ten years and out and equities ended in the red. “The tone heading into month end remains mostly unchanged from the post-rate hike/post-Jackson Hole dialogue, with conflicting metrics holding back more momentum

Chicago O’Hare International Airport’s $1.77 billion sale drew about 39 new investors to the table Tuesday as healthy demand for the upgraded bonds made for a soft landing despite market volatility and a flood of airport bonds this year. With $6.3 billion in orders from 107 investors, the city shaved yields in a repricing that