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Market Close: Muni Yields Finish Week Lower
Prices of top-quality municipal bonds ended higher along with Treasuries on Friday, traders said, as some muni yields fell by as much as four basis points.
Bond Buyer Markets Reporter Chip Barnett
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Municipal bond volume in January surged from the same month last year, driven by refundings as issuers took advantage of lower interest rates. more »
Wisconsin is offering up more than $500 million of general obligation paper in the coming weeks, first in a $280 million new money issue selling Tuesday and then in a $260 million refunding slated for later in February. more »
Issuance is expected to approach $9 billion in the coming week as February brings a $1 billion Pennsylvania competitive general obligation offering that was postponed because of the Jan. 26-27 blizzard in the Northeast. more »
Standard & Poor's Ratings Services said it lowered its long-term rating to B from BBB-plus on Alabama State University. more »
The economy has momentum and gross domestic product should increase 3% this year with the unemployment rate dropping to 5%, leaving the middle of the year as a "good guess" for when the Fed will consider rate hikes, Federal Reserve Bank of San Francisco President John Williams said in a televised interview Friday. more »
Moody's Investors Service said it has downgraded to A2 from A1 the underlying rating on Woodmore Local School District, Ohio's outstanding general obligation unlimited tax debt. more »
Moody's Investors Service has upgraded to Ba2 from Ba3 the rating on Brooklyn Center Independent School District 286, Minn.'s general obligation unlimited tax debt. more »
Moody's Investors Service said it has upgraded Stark County, Ohio's general obligation limited tax rating to Aa2 from Aa3. more »
Standard & Poor's Ratings Services said it raised its underlying rating on the Valley Regional Fire Authority, Wash.'s outstanding general obligation bonds two notches to AA-minus from A. more »
Prices of top-quality municipal bonds were stronger with Treasuries at mid-session, traders said, after the GDP report showed the U.S. economy grew more slowly than had been expected. more »
Federal Reserve Bank of St. Louis President James Bullard said the Fed may start raising interest rates by midyear in response to a growing economy and falling unemployment, and investors are wrong in looking for a later increase. more »
The municipal bond market is already looking ahead to next week — when the state of Pennsylvania will return to head the new issue calendar as it sells the $1 billion general obligation bond offering which was snowed under this week. more »
The University of Michigan's final January consumer sentiment index reading was 98.1, compared to the preliminary January 98.2, and the final December 93.6, according to market sources. more »

The Commonwealth of Puerto Rico has a long history of fiscal uncertainty and structural deficits. Responding to decades of general fund deficits in 2014, the rating services lowered the ratings on the Commonwealth’s general obligation credit to below investment grade, or junk status.

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