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Market Close: Munis Strengthen After Fed Holds Rates
Munis were stronger, as the Federal Open Market Committee announced that interest rates will be held where they are. According to traders, yields on some maturities dropped by as many as three basis points.  more »
Moody's Investors Service said it has upgraded to A2 from A3 the New Jersey Turnpike Authority's (NJTA) revenue bonds. more »
The federal funds rate target was left unchanged at 0.25% to 0.50% by the Federal Open Market Committee, according to its statement released Wednesday, which hinted at coming rate hikes by saying risks to the short-term outlook have "diminished." more »
Leon County, Fla., home of the state capital in Tallahassee, will offer a new countywide residential and commercial PACE programs after years of planning and legal setbacks. more »
Munis were slightly stronger on Wednesday afternoon, as one large deal hit screens, while most market participants are waiting for the Federal Open Market Committee's announcement on interest rates. more »
The Treasury Department Wednesday auctioned $15 billion of two-year floating rate notes with a high discount margin of 0.174%, at a 0.174% spread, a price of 99.999999. more »
Strong municipal performance, supply scarcity, and seasonal factors will draw retail investors to New York City's $860 million general obligation sale. more »
S&P Global Ratings said it has lowered its ratings on Virgin Islands Water and Power Authority's (WAPA) electric system revenue bonds, with the senior-lien debt dropping to BB-plus from BBB-minus, and the rating on the authority's subordinate-lien debt falling two notches to BB-minus from BB-plus. more »
Pending home sales increased 0.2% to an index reading of 111.0 in June, after an unrevised 110.8 reading in May, according to a report released Wednesday by the National Association of Realtors. more »
Moody's Investors Service said it has downgraded the village of Oak Park, Ill.'s general obligation rating and sales tax revenue rating to A1 from Aa3 affecting $85 million in rated debt. more »
The primary market will be relatively quiet on Wednesday as market participants will be waiting for the Federal Open Market Committee's announcement on interest rates. more »
The value of durable goods new orders fell by 4.0% in June, a larger-than-expected that decline that can be mostly attributed to a plunge in aircraft orders, data released by the Commerce Department Wednesday indicated. more »
*Update: S&P downgrades Kansas to AA-minus (July 26) more »
Municipal bond traders got a surge of new issuance on Tuesday, ahead of the second day of the monetary policy meeting of the Federal Open Market Committee. Munis ended the day mostly unchanged, according to traders, who said that some yields on the front end of the curve were down by 1-3 basis points. more »

Maria Doulis of the watchdog Citizens Budget Commission and Howard Cure of Evercore Wealth Management dissect New York City's $82 billion budget with Bond Buyer Northeast regional editor Paul Burton. They explore efficiencies, debt management, reserves, the economy, the capital budget and Mayor Bill de Blasio's plan to overhaul Health + Hospitals.

In the past 3½ years, the Securities and Exchange Commission has asserted its enforcement role considerably, in what can fairly be described as a form of direct regulation of issuers.

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