Randall "Randy" Miller, Chad Miller and Jeffrey De Laveaga were charged by the SEC with creating false documents that were provided to investors in two municipal bond offerings.
Schools and governments turn to bonds to cover payouts in the wake of a California law that temporarily lifted the statute of limitations on sex abuse claims.
Munis are "under pressure as elevated primary supply collides with lackluster seasonal reinvestment flows, leaving dealers heavy and buyers selective," said James Pruskowski, an investor and market strategist.
The Washington, D.C., City Council missed a deadline to approve a plan to build a $3.7 billion NFL stadium as supporters emerge touting the financial structure of the deal.
As the market continues to contend with the surge in issuance, investors still have a significant amount of cash that can be put to work, said Jeremy Holtz, a portfolio manager at Income Research + Management.
SROs "are now being guided by individuals who lack a deep real-world understanding of the markets they oversee," the trade association said in a letter to the House Financial Services Committee.
Record contributions from public employers made up for below-expectation investment returns, according to a report published by the the Equable Institute.
Hays County will appeal a June 23 court ruling that voided a successful GO bond election while it explores issuing alternative debt to fund road projects.
Once considered as a promising prospect for investors, "green" bonds have been plagued by defaults, a concern for those who study the underlying technologies.
A 2024 Illinois law loosened school bond restrictions, allowing districts to authorize some debt without an election. That caused a backlash in one district.
As always, economists had disparate interpretations of the consumer price index, with none expecting a July rate cut. And tariff questions remain unanswered.
"We supported the approved rule change and are extremely disappointed that the MSRB is now proposing to halt the progress it had been making toward full and complete transparency in the municipal securities market," Dimensional Fund Advisors officials said in a letter.
New York City lawmakers spent big on social services. But the budget still leaves the city exposed to cuts by the Trump administration and congressional GOP.?
Some local governments have begun formal assessments about whether electric services to their communities should be municipalized or whether their existing franchise agreements can be updated in their favor.
Most states have already enacted their budgets for the fiscal year as the effects of Medicaid restrictions and tax policy changes in the One Big Beautiful Bill are being analyzed and raising concern.
"Municipal outperformance against taxable sectors has moved short-term ratios on or through their 252-day moving averages, while intermediate and long maturities are holding at or above average ranges," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
Moody's has downwardly revised the outlook for Baltimore's issuer rating and several classes of bonds due to a trend of declining fund balance levels in a city dependent on a major international shipping port.
Michigan's Great Lakes Water Authority went to market in June with roughly a billion dollars of bonds, part of a complex transaction that included a tender.
California local, state and federal officials blasted the Trump administration and congressional GOP for blocking supplemental recovery aid after the wildfires.
Markets are "tilting to a risk-off posture as participants brace for the chance of Trump tariff-sparked turbulence in the coming hours and days," said Jos? Torres, senior economist at Interactive Brokers.
Housing advocates are celebrating the passage of the One Big Beautiful Bill for the boost in Low Income Housing Tax Credits which is projected to boost the use of private activity bonds.
Market participants launched the largest lobbying effort in recent memory to protect municipal bonds and got what they wanted as the tax-exemption survived.
UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.
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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