Bonds

The ongoing global regime shift toward higher interest rates and less liquidity will drive significant transformations of business investment and the allocation of resources. Given structural inflation pressures, we expect central banks will be less able to intervene than they historically were when exercising monetary policy to extend expansions and shorten recessions. Disruptions and dislocations

Municipals were a little firmer in spots Tuesday, while equities and short-term U.S. Treasuries sold off after Federal Reserve Board Chair Jerome Powell suggested interest rates could be hiked higher than expected to combat inflation. The two-year UST yield rose 13 basis points, pushing it above 5% for the first time since June 2007. The

Two Senate Committees are raising the visibility of the housing shortage in the U.S., and weighing legislative action that could pave the way for more housing bonds. The U.S. Senate Finance Committee held a hearing on Tuesday to explore tax policy as related to the affordable housing supply, and last week the Senate Committee on

The municipality that is home to the American Dream mall in New Jersey is suing its operator, saying it failed to make agreed upon payments in lieu of taxes. East Rutherford’s lawsuit, filed Friday in New Jersey Superior Court, asserts that despite pulling in “hundreds of millions of dollars” in revenue since opening in 2019,

The New York City Council opened hearings Monday into the preliminary $102.7 billion fiscal 2024 budget with testimony from some of the city’s top financial officials. The 51-member Council focused on the city’s efforts to fill vacant positions across its agencies, and to address union wage demands and hybrid work rules. It is holding a

(Bloomberg) –The recent appointment of a prominent Democratic economist to lead the Federal Reserve Bank of Chicago is fueling friction over political partisanship in the US central bank. Austan Goolsbee became president of the Chicago Fed in January, but only after a contentious hiring process. Bloomberg News reported Feb. 17 that two of the Fed’s

Detroit Mayor Mike Duggan’s proposed fiscal 2024 budget and four-year financial plan tackles the city’s post-Chapter 9 pension funding cliff, offers some property tax relief and moves the city closer to fully shedding state oversight, he told the City Council. The city would draw $73 million from its proposed $1.3 billion general fund to make

The Securities and Exchange Commission’s reintroduction of a 2011-era rule proposal to ban conflicts of interest for sponsors of asset-backed securities could have wide implications for conduit borrowers and could raise borrowing and compliance costs for underwriters, municipal advisors and conduit issuers alike. The proposed rule would stop participants involved in securitization transactions from shorting

A plan for the owner of a senior living community in Plano, Texas, to emerge from bankruptcy faces a creditor vote this month, a confirmation hearing in April, and opposition from the trustee for nearly $66.8 million of defaulted revenue bonds. BSPV-Plano, LLC, a Texas limited liability company, filed the Chapter 11 case in the

Transcription: Chip Barnett (00:03):Hi, and welcome to The Bond Buyer. I’m Chip Barnett and my guest today is Ellis Phifer. He’s a managing director and senior strategist in the fixed income research department at Raymond James. He’s been actively involved in the fixed-income markets for over 25 years, split between fixed-income portfolio management and strategy

Unsteady leadership has challenged the financial stability of Wellfleet, Massachusetts, according to a state review of the town’s financial management that was recently made public. High turnover rates in key government positions over the last decade left the Cape Cod town of 4,035 without sustainable revenue streams and in need of fundamental reforms, the Division

The National Federation of Municipal Analysts has named Mark Capell, managing vice president of public finance for Build America Mutual’s West Region as its president for the 2023 year. The first bond insurer to serve as president of NFMA since Bill Hogan of Assured Guaranty’s 2009 term, Capell believes his experience in bond insurance gives

S&P Global Ratings on Friday revised the outlook on Reedy Creek Improvement District, Florida’s general obligation bonds to stable from developing. S&P also affirmed the AA-minus long-term rating on the district’s outstanding GOs, saying the rating reflects the strong tax base, very strong collection rates and consistent financial performance. “The outlook revision reflects recent state

Municipals were firmer in spots Friday, with pressure easing for short-end munis, ahead of a robust new-issue calendar where issuance tops $10 billion. U.S. Treasuries rallied out long, and equities ended up. Triple-A benchmark yields were bumped three to 12 basis points, depending on the scale, at one-year, while UST yields fell four to 13,

New Jersey Gov. Phil Murphy unveiled his executive budget proposal for fiscal year 2024, a record $53.1 billion plan that takes into account the state’s expectation for a shallow and short recession by holding off on large new initiatives while boosting reserves and addressing long-term obligations. “This budget will better prepare New Jersey for any

Legislation seeking to end government contracts with companies engaged in “boycotting” an expanded list of industries and business policies passed the Utah House and Senate late Thursday. Senate Bill 97 builds on laws previously enacted in Texas and a few other states focusing on “boycotts” of the fossil fuel or firearm industries by adding timber,

New Mexico would authorize public-private partnerships on the state and local level under a bill unanimously approved by the state House Thursday and now headed to the Senate. The bill, House Bill 213, would allow P3s for transportation and broadband projects. “Those are two of the most pressing needs in the state,” said Rep. Cathrynn

The Federal Reserve said further interest-rate hikes would be required to restore price stability. “The committee is strongly committed to returning inflation to its 2% objective,” the Fed said in its semi-annual report to Congress released Friday. Officials expect “ongoing increases in the target range will be appropriate in order to attain a stance of

Municipals were weaker Thursday as outflows from muni mutual funds continued. U.S. Treasury yields rose, with all maturities now yielding above 4%, and equities ended mixed. Treasury yields rose as initial jobless claims came in below 200,000 for the seventh straight week and unit labor costs for the fourth quarter were revised up to 3.2%

Idaho and Wyoming have joined other red states by introducing legislation to ban banks that boycott gun manufacturers or energy-related companies. Idaho House bills 189 and 190 introduced by Rep. Barbara Ehardt, R-Idaho Falls, left committees with do-pass recommendations and are headed for third readings on the House floor. Ehardt could not be reached for

Municipals were little changed to kick off the month, while U.S. Treasuries were weaker and equities ended mixed. The three-year muni-UST ratio was at 60%, the five-year at 62%, the 10-year at 65% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at 64%, the