California's High Speed Rail Authority has until June 2026 to figure out how to close a $7 billion budget hole, said the LAO's principal fiscal and policy analyst at a budget hearing.
Washington, D.C. Mayor Muriel Bowser is delaying submitting her 2026 budget while unresolved budget cuts passed by the House in the continuing resolution and then amended by the Senate to repair the damage remain in limbo.
California plans to price $2.5 billion in new money and refunding general obligation bonds next week, with retail orders Tuesday and final pricing Wednesday.
Following Wednesday's selloff, muni yields were cut even further, with yields rising up to six basis points, depending on the scale. Meanwhile, UST yields rose two basis points out long.
As muni advocates fight for the preservation of tax exemption, foreign investors are using the ASCE Infrastructure Report Card as evidence that increased privatization of assets is needed to improve the grades.
The departures happened around the time Barclays (JJCTF) handed out companywide bonuses and coincided with the firm in the process of shrinking its muni footprint in the regions, according to sources.
Only Georgia has a higher state-level infrastructure grade from the ASCE than the the C the U.S. received this week. More in the Southeast are C-minus or lower.
"We're navigating a crosscurrent of macro risks ? tariffs, tax policy proposals, DOGE cuts, and evolving economic data ? layered on top of a broader risk-off tone," said James Pruskowski, CIO of 16Rock Asset Management.
The Los Angeles Legislative Delegation penned a letter to state budget leaders asking for $1.9 billion in fire recovery aid for the city after meeting with city leaders.
The effects of infrastructure spending and the need for more are coming into focus as the municipal bond community is dealing with a Congressional threat to eliminate the tax-exempt status of munis.?
The Illinois Finance Authority will go to market with $850 million of revenue and refunding bonds for the Illinois Environmental Protection Agency next week.
What's happening to the muni market is the "confluence of modest selling (via fund outflows and retail perhaps pausing during tax season); a heavy new issue calendar; and very thin near-term reinvestment expectations," said Matt Fabian, a partner at Municipal Market Analytics.
Colleges and universities have already begun hiring freezes and spending cuts, dialing back research and rescinding offers to Ph.D. candidates, the rating agency said.
Lighter supply, at an estimated $7.9 billion, and still-attractive valuations should allow for solid muni performance this week, said J.P. Morgan strategists.
Plaintiffs are challenging Oconee County's use of general obligation bonds repaid by taxpayers countywide to fund sewer improvements serving a small area.
Municipal bond issuance for the week of March 24 is at $7.923 billion, with $6.673 billion of negotiated deals and $1.251 billion of competitive deals on tap.
The rating agency cited a tax cut package enacted by the state last year and uncertainty over federal policies for the outlook revision to stable from positive.
Most of Thursday's issuance came from competitive deals, the largest being the Dormitory Authority of the State of New York with $2 billion-plus and California with $889 billion.
The U.S. Department of Transportation is pressing public transit agencies to beef up their commuter safety protocols or lose federal funding while the recently passed continuing resolution raises appropriation levels for the sector by less than a half percent.
Fitch Ratings cited the San Diego-area health district's ongoing fiscal woes in dropping its rating to B-minus from B and revising its negative watch to a negative outlook.
"If you're an issuer, this is fly-in season," said Jarrod Loadholt, partner at Ice Miller LLP. "Don't hope someone else is going to solve this for you ? they're not."
Rhonda Skoby and Rachel Lochner joined the Minneapolis public finance practice of Taft, Stettinier and Hollister as partner and associate, respectively.
The slowdown of growth in the fourth quarter does not imply there is dwindling demand for munis, said Pat Luby, head of municipal strategy at CreditSights.
As major airlines report losses and scale back forecasts, Cleveland is preparing to go to market April 2 with $125.5 million of revenue bonds for its airport.
"While there has been some reported buying by relative value institutions amid higher ratios from the muni-centric price correction, the market as a whole may not rally this week," said Matt Fabian, a partner at Municipal Market Analytics.
Hospital and health insurance operator UPMC's $735 million deal looks routine. But the volatile healthcare and insurance environments may disrupt that standard.
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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