The Internal Revenue Service?s Tax Exempt Bond program will not be significantly overhauled as part of the agency?s restructuring and modernization efforts, officials say, but there are a few changes to forms and procedures that bear paying attention to.
New York?s Hudson Yards development on Manhattan?s West Side was able to cover its debt service obligations despite the effects of the COVID-19 pandemic.
Municipals have mostly held steady as bid-wanteds have risen, but so have yields and ratios, making for a more satisfactory range for investors getting into the market at these new higher levels.
Chicago Mayor Lori Lightfoot's finance team laid out plans to tap more than half of $9 billion of existing and proposed borrowing authority through 2022 to refinance debt for savings and fund infrastructure and pandemic recovery efforts.
Another round of inflows was reported from the Investment Company Institute ? the 31st consecutive week ? but they came in at $308 million for the week ending Oct. 6, the lowest since outflows in March.
A fresh debate on the debt ceiling could come as soon as December, as Congress also faces deadlines on surface transportation and stopgap government funding.
The Public Finance Authority issue for the Fargo-Moorhead Diversion Project sets the stage for the Corps of Engineers' future use of a P3 financing model.
The National Association of Bond Lawyers' new president intends to focus the group's efforts and provide support for infrastructure legislation in Washington.
The presence of unregistered ? and potentially unqualified ? advisors providing municipal advisory services to state and local governments and other municipal entities is a cause for concern and greater regulatory scrutiny.
Municipals outperformed the move in taxables Friday but weakness hangs over the market as fund flows lessen and supply increases. Taxable munis may be keeping exempt rates from moving higher.
While move-outs still outpace move-ins, the rate at which people are leaving has slowed and returned to near pre-pandemic patterns. A return by workers to offices is also rising, but occupancy in the city remains lower than almost all major metropolitan areas in the U.S. except for San Jose and San Francisco in California.
For 31 consecutive weeks investors put cash into municipal bond mutual funds but saw just $36.87 million of inflows in the latest reporting period while high-yield funds saw $460 million of outflows after $103 million of outflows a week prior.
The proposed budget taps one-third of Cook's $1 billion in federal COVID relief, makes a supplemental pension contribution and holds the line on taxes and fees.
They argue the takeover violates their constitutional rights and say a voter-approved tax measure is illegal because it originated with state-appointed leaders.
The firm?s distribution capabilities across major and mid-size institutional accounts, professionally managed retail accounts, and high net worth individual accounts is a throwback to founder Archibald Bullock Roosevelt?s vision.
Smaller issuers like rural hospitals and charities are often blocked from issuing bank-qualified debt under current rules, which would change under a reconciliation bill provision.
Sen. Elizabeth Warren, D-Mass., said questionable financial transactions by senior Federal Reserve officials ? two of whom have resigned ? cast doubt on Fed Chair Jerome Powell?s ability to steer the central bank as President Biden mulls whether to reappoint him.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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