Bonds

Federal Reserve Bank of Boston President Susan Collins said she’s leaning toward supporting a quarter-point interest rate hike at the central bank’s next meeting ending Feb. 1 as officials near a peak in borrowing costs. Downshifting to a smaller move from the more aggressive rate increases the Fed rolled out last year would give officials

HilltopSecurities Inc. has hired 12 municipal bond veterans from Prager & Co. LLC to join its public finance group in New York and California. Prager filed for dissolution as a firm with the Financial Industry Regulatory Authority on Dec. 20 and Dallas, Texas-based HilltopSecurities stepped in and hired the banking team, which will bolster its

Municipals were slightly firmer in spots, while U.S. Treasuries were weaker and equities ended up. The three-year muni-UST ratio was at 58%, the five-year at 61%, the 10-year at 66% and the 30-year at 89%, according to Refinitiv MMD’s final 3 p.m. ET read. ICE Data Services had the three at 58%, the five at

A controversial new law requiring cities and states to standardize their disclosure raises a bevy of questions that market participants and regulators will need to answer to pave the way for implementation. That’s the message from Ernesto Lanza of Ballard Spahr, who wrote a white paper on the newly passed Financial Disclosures Transparency Act along

South Carolina Gov. Henry McMaster’s $36 billion budget proposal for fiscal year 2024 seeks to raise capital spending without adding debt and bolster reserves. McMaster told lawmakers in a letter last week he wants to take full advantage of the state’s unexpected $3.8 billion budget surplus ahead of a potential recession. “South Carolina’s booming economy

The Federal Reserve Bank of Kansas City’s search for a new president is coming down to the wire. Esther George, the bank’s current president and CEO, turns 65 on Sunday, a milestone that triggers her mandatory retirement, according to Federal Reserve System rules. With just a matter of days left before that marker is reached,

Public finance banking industry veteran Sean Boyea has joined Siebert Williams Shank & Co. as a managing director in Sacramento. Boyea brings more than three decades of public finance experience to the minority- and women-owned heavyweight, and will launch its office in California’s state capital. “SWS has a rich history for being opportunistic during economic

A federal judge’s dismissal of former Arizona Gov. Doug Ducey’s lawsuit challenging the Biden administration’s request that the state stop spending federal relief money on schools that do not have mask mandates won’t impact the state’s other litigation related to clawbacks of relief money used for tax cuts. The move follows Ducey’s motion for dismissal,

Chicago sent a $242 million supplemental payment to its pension systems, making good on a funding policy adopted as part of the 2023 budget that helped lift its one junk rating back into investment-grade territory. Efforts to better align expenses with recurring revenues, shed one-time maneuvers like scoop-and-toss debt restructuring, and complete a move to

In her inaugural address, Massachusetts Gov. Maura Healey affirmed her administration’s commitment to overhauling the state’s public transportation infrastructure. “The state of our trains and roads and bridges today is unacceptable,” Healey said Thursday, adding there was an “urgency” for capital development of the state’s neglected transportation infrastructure as she took office. Her plan calls

Municipal yields fell Friday ahead of a heavier new-issue calendar while U.S. Treasuries and equities rallied after the latest jobs report offered signs that may suggest inflation will be cooling. Triple-A benchmark yields fell six to 15 basis points, depending on the scale, pushing the 10-year muni below 2.50% and the 30-year muni below 3.50%.

The crisis that has engulfed Republican House leadership this week, whatever the outcome, could complicate the public finance agenda in the 118th Congress. For issuers, an emergent ultra-conservative influence in the House could raise the risk of a government shutdown and bring fresh scrutiny to key topics like the so-called PAYGO waiver for tax subsidies,

Municipals were mixed Thursday in the secondary market as a $765 million deal from the Triborough Bridge and Tunnel Authority took focus in the primary. U.S. Treasuries were weaker 10 years and in, and equities ended lower. The three-year muni-UST ratio was at 59%, the five-year at 63%, the 10-year at 69% and the 30-year

A top-rated Texas program that guarantees public school bonds is running extremely low on capacity, with just a projected $410 million available at the end of November. The program is not expected to shut down in the coming months, although some districts may not get the guarantee for their debt, according to the Texas Education

Munis rallied Wednesday as outflows lessened and U.S. Treasury yields fell in lockstep even as minutes from the Federal Open Market Committee meeting showed participants agreeing rate cuts are not expected in 2023. Equities ended up. Triple-A benchmark yields were bumped four to 15 basis points, depending on the curve, while U.S. Treasury yields fell

A bond-financed, $5 billion extension of the Oklahoma Turnpike is facing more litigation as both proponents and opponents of the project may return to court. The Oklahoma Turnpike Authority Board on Tuesday passed a resolution to explore appealing a Cleveland County District Court ruling that found the agency willfully violated the state’s Open Meeting Act

Passenger counts at the three Port Authority of New York and New Jersey airports were higher in November than in November 2019, marking the first month they beat a pre-pandemic comparison. Air travel was up 2% when compared to the same time period in 2019, as Newark Liberty International Airport, John F. Kennedy International Airport,

Most analysts are willing to commit to a slowdown in inflation in 2023, but a recession remains a trickier call.  “I think the bond market is right, a recession is coming,” said Liz Young, head of investment strategy at SoFi, “and the economic indicators reinforce that message.” The debate over the likelihood of a recession

The Army Corps of Engineers approved a wetlands work permit for the land in Georgia where electric vehicle maker Rivian plans a 16-million-foot battery and vehicle production plant. Over the last few months, the Corps and federal and state environmental agencies led a review of Rivian’s plans for a factory on 2000 acres of rural

The municipal bond market shrank, retail continues to access it, and broker-dealer holdings have grown, the latest Federal Reserve data show. Fed data show the outstanding universe of munis shrinking in the third quarter in terms of both par basis and market value, said Matt Fabian, a partner at Municipal Market Analytics. The value of