Municipal finance is not a top-tier issue for treasury secretaries, but Yellen has taken a strong stance for more direct aid to state and local governments during the pandemic.
Municipals held firm ahead of this week's new issue slate, which features deals from issuers in New York and Texas. Treasuries weakened as stocks rose on positive coronavirus news.
Joseph P. Rogers, Jr. ?Buck", 84, a U.S. Navy veteran, retired bond lawyer at Hawkins, Delafield & Wood LLP, and innovator in the public finance industry, died on Oct. 23 of a recurrence of Lymphoma.Born in Syracuse, New York in 1936 to Joseph P. Sr. and Helen Rogers, he moved to Middlebury, Vermont in 2007.
South Africa's finance ministry said on Saturday the ratings downgrade by Moody's and Fitch will increase the country's borrowing costs and constrain its fiscal framework. "The decision by Fitch and Moody's... is a painful one," Tito Mboweni, Minister of Finance, said in a statement.
Analysts, issuers and lawmakers have mixed responses to the closure of the Municipal Liquidity Facility with some saying the move puts the municipal market in a precarious spot as COVID-19 continues to ravage the country.
While the facilities' availability inspired market confidence, the fact that $455 billion remains unused suggests shutting down the programs is unlikely to cause major problems, analysts say.
Dealerweb is a wholesale unit of Tradeweb Markets (TW), a large fixed-income electronic trading platform company. FINRA found that Dealerweb failed to correctly report 147,000 trades.
The credit and municipal bond markets held fast on Friday morning after U.S. Treasury Secretary Steven Mnuchin defended his decision, first announced Thursday evening, to let several of the Federal Reserve's key pandemic lending programs end on Dec. 31.
Municipal bond yields opened steady on Friday after U.S. Treasury Secretary Steven Mnuchin defended his decision to end several Federal Reserve lending programs at year end, including one for cash-strapped states and local governments. Municipal Market Data's initial read of its benchmark triple-A yield scale was largely unchanged.
Treasury Secretary Steve Mnuchin told Fed Chair Jerome Powell to end most emergency lending programs created earlier this year, including the MLF, on Dec. 31.
Gov. Albert Bryan Jr. is working with the territory's lawmakers on an internet sales tax and other revenue ideas to avoid a 42% pension benefit cut on Jan. 1.
Large blocks of New Jersey paper changed hands with yields that pushed spreads below 100 basis points on some maturities for the recently downgraded state.
On November 18, 2020 Kroll Bond Rating Agency assigned a long-term rating of A- with a Stable Outlook to the New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2020 Series AA. KBRA additionally affirmed the long-term rating of A with a Stable Outlook on the State?s outstanding General Obligation Bonds.
Former Pennsylvania Gov. Edward Rendell said President-elect Biden will move on a pandemic relief bill early in his presidency and a robust infrastructure package would soon follow. Others see scaled-down aid and an upward partisan battle.
MTA officials revealed dark budget-and-service cut scenarios and Mayor Bill de Blasio closed in-person public schools, actions likely to ripple through the city's economy.
The Finance Committee signed off on new money, refunding, and scoop-and-toss debt restructuring deals and finance teams to assemble and sell the bonds.
A supply/demand imbalance allowed New Jersey and Massachusetts to reprice to lower yields while the beleaguered New York MTA will head back to the Fed for liquidity.
Comptroller Stringer said Mayor de Blasio can present his updated Financial Plan with a path to a balanced budget for fiscal 2022 without cuts to essential services, layoffs of city workers, or borrowing to support operating expenses.
The strong demand amid a dearth of new municipal issuance by states and a reach for yield also allowed New Jersey to skip a planned taxable portion and officials announced it would not need to access the Fed's Municipal Liquidity Facility.
Candidates for the next U.S. Secretary of Transportation bring something new to the table than in previous years ? deep understanding of the municipal bond market.
Chicago Mayor Lori Lightfoot is promoting a $950 million restructuring that adds three years to the city's debt service schedule as present value neutral when factoring in savings from a more traditional $750 million refunding.
The state has been coping with the economic fallout of COVID-19 and a burgeoning second wave that is expected to challenge the commonwealth?s finances and burden its healthcare system.
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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