Bonds

James Diossa, the former mayor of Central Falls, Rhode Island’s smallest city, won the state’s Democratic primary election for treasurer on Tuesday. He bested Stefan Pryor, former Rhode Island commerce secretary with 55% of the vote, according to results from the local election office. James Diossa, mayor of Central Falls, won the Democratic primary for

Rising interest rates are the top concern of municipal market participants and most expect municipal yields to end the year higher than they currently sit. That’s according to a survey of The Bond Buyer’s California Public Finance Conference attendees during a Live Market Survey sponsored by KBRA. A whopping 91% of respondents said municipal interest

Municipals saw losses across the yield curve, outperforming a U.S. Treasury selloff on the front end of the curve but facing larger losses out long, while equities tumbled following a hotter-than-expected inflation report. Two- and three-year muni-UST ratios are around 64% to 67%. The five-year was at 69%, the 10-year at 82% and the 30-year

Detroit’s revenue picture brightened on the strength of income tax collections, development projects in the works, and a boost in state revenue sharing, but a potential recession and gaming trends cloud the projections adopted this week, the city said. The city now expects to close the current fiscal year with a $41 million, or 3.6%,

Fitch Ratings upgraded New Jersey’s issuer default rating to A from A-minus and raised the ratings on the state’s $5.5 billion of general obligation bonds and $484 million of Garden State Preservation Trust revenue bonds that are linked to or capped by the state’s IDR. Fitch also raised the state’s qualified bond program and school

Congressional leaders renegotiating the Federal Aviation Authority’s reauthorization ahead of its expiration date in September 2023 should consider removing the passenger facility charge cap to help airports become more flexible to changing behavior and bring down individual costs on consumers. That’s according to a policy brief by libertarian think-tank Reason Foundation, which advocates stronger airport

With a round of rating upgrades in hand, Illinois will hold an in-person and remote meeting with investors later this month to promote its fiscal progress ahead of its next bond sale. “The state of Illinois intends to hold an investor meeting on Wednesday, September 21st, in advance of an anticipated $700 million competitive general

The Inflation Reduction Act offers a crutch, if not exactly a lifeline, to operating nuclear plants, a sector long plagued with high debt and fixed costs that may now be poised for a rebound thanks to national clean-energy goals. The IRA, which President Biden signed into law Aug. 16, provides $30 billion in production tax

A federal judge is weighing whether to dismiss the charges against Capital Market Advisors, which was municipal advisor to the City of Rochester, New York and was charged by the Securities and Exchange Commission for misleading investors and breaching its fiduciary duty in connection with a 2019 bond offering. Lawyers who preferred not to be

The Oklahoma Turnpike Authority and opponents of its plan to build bond-financed extensions will square off on Tuesday at a hearing set by the state Supreme Court. In its Aug. 10 petition to validate $500 million of second senior lien revenue bonds, OTA asked the Supreme Court to accept original jurisdiction for two lawsuits opponents

Municipals were steady Friday ahead of a new-issue calendar next week at $6.6 billion, while U.S. Treasuries were weaker five years and in and equities rallied. “While the U.S. economic data remain relatively strong, this hawkish tone continues to put pressure on Treasury rates, which have moved higher by 10-15 basis points this week, more so

Federal Reserve Governor Christopher Waller said he favors “another significant” increase in interest rates when the central bank meets later this month, signaling his backing for a 75 basis-point move. “Inflation is far too high, and it is too soon to say whether inflation is moving meaningfully and persistently downward,” Waller said in the text

Fitch Ratings lifted Ohio’s issuer default and general obligation rating to AAA Thursday over its “fiscal resilience” bolstered by stronger reserves and cash balances. Moody’s Investors Service and S&P Global Ratings rate Ohio one notch below the top mark at Aa1 and AA-plus, respectively, and both assign a stable outlook. The upgrade “reflects material strengthening

States in charge of building out the infrastructure necessary to promote adoption of electric vehicles will need to ramp up collaboration with utilities and the private sector to ensure the success of the ambitious program. To that end, the newly created federal Joint Office of Energy and Transportation is working with the American Association of

Cook County, Illinois, extended the deadline by one week for eligible local governments to participate in a $300 million borrowing program that provides no-interest loans to manage a months-long delay in second installment property tax collections. The bridge loan program announced in July will spare suburban taxing bodies from having to issue tax anticipation notes

Federal Reserve Bank of Cleveland President Loretta Mester repeated that she thinks the U.S. central bank needs to get rates above 4% by early 2023 and leave them there for some time to cool the hottest inflation in nearly 40 years. Mester also reiterated that she does not expect the Fed to cut rates next

Municipals were weaker to kick off the holiday-shortened week, but outperformed a U.S. Treasury selloff that saw the 30-year UST yield hit just shy of 3.5%, while equities saw losses. Triple-A benchmark yields rose up to seven basis points, while UST yields rose 11 to 15 bps with the largest losses on the long bonds,

Congress is expected to take up a bill this month that would fund the government through early December. The short-term continuing resolution would avoid a partial government shutdown before midterm elections and give the current Congress time to craft an omnibus fiscal 2023 bill during the lame-duck session. The tentative bill would continue fiscal year

Baker Tilly US LLP will acquire the local government consulting firm Management Partners to supplement the range of services its already brings to the table in its public sector practice. Chicago-based Baker Tilly and Cincinnati-based Management Partners will close on the acquisition Oct. 1. All 96 of the firm’s professionals — most who count local

Sunita Lough, the respected head of the Internal Revenue Service’s Tax-Exempt and Government Entities division, is stepping down at the end of this month. Lough was serving as the commissioner of its Tax-Exempt and Government Entities division, which oversees compliance with municipal bond tax laws. Her official retirement date is scheduled for Sept. 30. Edward

The encroachment of culture wars into the municipal bond market will likely increase, with Texas, which has enacted laws to punish companies for “boycotting” fossil fuel businesses and “discriminating” against the firearm industry, potentially leading the charge.  The laws have sidelined some big Wall Street banks from the Texas muni market; the state’s recently compiled

What should be a full pipeline of national projects supported by an influx of federal infrastructure funds is being stymied by a “severe” labor shortage in the construction sector, and government on all levels need to do more to address the problem. That’s the message from the Associated General Contractors of America on the heels

The Puerto Rico Oversight Board filed suit against Gov. Pedro Pierluisi regarding a labor law it says reduces the island’s economic growth and government revenues. The board is challenging Act 41-2022, which Pierluisi signed earlier this summer. It filed the suit Thursday night in U.S. District Court for Puerto Rico as part of the central

Municipals were steady Friday ahead of a holiday-shortened week where investors will be greeted by two large deals from the states of California and Pennsylvania in an otherwise lackluster new-issue calendar. U.S. Treasuries rallied on the front end of the curve. On Friday the two- and three-year muni-UST ratios are around 67%. The five-year was

An Alabama ballot measure would allow local governments to use voter-approved special tax authority that is now reserved for bonds to finance projects on a pay-as-you-go basis. Amendment 6 is one of twelve proposed changes to the state constitution voters will decide Nov. 8. Backers said it would give municipal officials the option to finance

Oregon economists predicted both moderate revenue growth and the possibility of a recession during their September forecast. Economists told lawmakers this week that either way the heady days of overflowing coffers are over. Under the rosier outlook, residents get that kicker rebate if the state forecast of $600 million more revenues than what was forecast

Municipals sold off 10 years and out Thursday with triple-A benchmark yields rising up to double-digits on the long end as municipal bond mutual fund outflows increased nearly threefold from the week before to top $3.4 billion. U.S. Treasuries were weaker and equities were mixed. Triple-A benchmarks rose seven to 12 basis points 10 years

The Federal Transit Authority released a report Wednesday reprimanding the Massachusetts Bay Transportation Authority for favoring its capital program over safety, which it did in part by transferring $500 million into its capital budget from its general fund. The FTA ordered the MBTA and its state oversight agency, the Department of Public Utilities, to immediately

Municipals were little changed Wednesday, being cut a basis point or two in spots to close out August, while U.S. Treasuries sold off ten years and out and equities ended in the red. “The tone heading into month end remains mostly unchanged from the post-rate hike/post-Jackson Hole dialogue, with conflicting metrics holding back more momentum

Miami-Dade County is looking to a long-term public private partnership to transform a swath of underused county-owned downtown Miami into a high-density new neighborhood complete with a transit terminal, schools and parks. The county floated a draft Request for Proposals two weeks ago outlining potential terms. The MetroCenter redevelopment spans 17 acres and could total