Institutional pricing of New York City and competitive deals from Baltimore and Cambridge, Mass., should help give a sense of where yields are heading, while Ohio offers up GOs for a market that's been little changed for three days after a large sell-off.
Increased federal funding, Gov. Janet Mills? targeting of coronavirus relief funds and the state?s relative success in fighting the pandemic have helped.
The sell-off in the back half of February brought negative 1.59% returns for the month and a negative 0.96% return for the year so far. Taxables and high-yields fared slightly better.
Minnesota was staring at a $1.3 billion gap in its next budget cycle just a few months ago, but the new revenue and economic forecast projects a $1.6 billion surplus.
The state?s transportation investment is estimated at $50 billion over the next decade and the commission?s recommendation is to increase total investment by at least $20 billion more in the next 10 years.
The market took a much-needed breather Friday and U.S. Treasuries pared Thursday's losses to see the 10-year fall 12 basis points to 1.42% and the 30-year 17 basis points to 2.11%. Municipals were steady at 1.14% in 10 years and 1.82% in 30.
While issuance fell significantly from 2020, it was higher than January's and only the fifth time in 35 years that volume exceeded $30 billion in February.
Bills to expand the use of tax-advantaged bonds that are being reintroduced in the new Congress have favorable odds for being signed into law this year.
Our national debt has risen by more than 40% in the past four years, and as we begin to recover from the pandemic, inflation could become more apparent in consumer prices.
S&P said the proposed budget represents a step in the right direction but it will weigh the final budget and other developments before acting on its BBB-minus rating.
Municipal bond mutual funds took notice of rate movements with Refinitiv Lipper reporting $37 million of inflows after 15 weeks of multi-billion inflows, the lowest since Dec. 2. High-yield funds took a big hit with $330 million of outflows.
?There?s been absolutely no effort made to take this collection of ideas and price it out,? Mayor Mike Duggan said of proposals to change the city charter.
The deal was the largest in the authority?s history, with the lowest ever interest rate for one of its sales and netting a record-breaking $112 million in interest cost savings.
The facility and a majority of bondholders agreed to a restructuring that aims to ease repayment problems not solved by the previous bankruptcy in 2016.
Senate Majority Leader Chuck Schumer and Sen. Bernie Sanders want a broader infrastructure bill to pass through the reconciliation process while other lawmakers plan a bipartisan push for surface transportation.
Senate Majority Leader Chuck Schumer, D-N.Y., said there?s an agreement among ?mayors, governors, and economists from across the political spectrum? that a sizable federal effort is needed.
The governor wants the first full actuarial contribution in 25 years, spurring discussion about what else one of the nation's lowest-rated states should do.
The Kentucky Kingdom amusement park, which leases its property from the Kentucky State Fair Board, will now be run by the well-seasoned operator of Dollywood.
Moody's (MCO) affirmed the state's general obligation bonds at Aa3, and credited it with significant long-term progress in restoring financial reserves and liquidity.
New York State?s public sector entities have more than $300 billion of unfunded other post-employment benefit liabilities, which accounts for a quarter of the nation?s total of $1.2 trillion of other post-employment benefit debt.
High-grade deals priced and secondary trading showed bonds exchanging hands at yields higher than triple-A benchmarks in some cases, but a healthy two-way flow was evident, even if there are signals that yields have not yet hit a ceiling.
California treasurer Fiona Ma named Nancee Robles to head the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.
The deal continues to offer better recoveries for the guaranteed Public Building Authority debt than for general obligation debt, but trading of the GOs blew up with more than $180 million exchanging hands to higher prices.
Political uncertainty will elevate bond price volatility for those issuers more dependent on fiscal support. Still, the broader market will benefit from support for education, transportation, and healthcare sectors.
The city relies on the levy as a whole for 43% of its general fund revenue amid a national debate over work-from-home dynamics that could reach the U.S. Supreme Court.
Data released Monday showed economic strength with further improvement ahead. U.S. Treasuries were off by five basis points but municipals saw aggressive eight to 10 basis point swings to higher yields across the curve.
The deep freeze, and Texas power market structure, left the state's public utilities with sky-high wholesale power bills and a trail of burst water pipes.
Mainstreaming some emergency measures would provide the Department of Design and Construction more contracting flexibility, said first deputy commissioner Jamie Torres-Springer.
Muni yields rose another five basis points on the 10- and 30-year, bringing the total cuts to scales to 18 and 17 basis points, respectively, from Tuesday as the asset class moved closer to UST movements after lagging that market since the start of the year.
Illinois Gov. J.B. Pritzker's budget proposal, rosier revenue estimates and the prospects of more federal aid are only short-term salve for the state's long-term fiscal strains.
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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