“Texas manufacturing weakened further in November,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas and released yesterday. The general business conditions index declined to negative 17.0 in November from negative 6.2 in October.The production index slumped to negative 3.5 in November from positive 10.6 in October, while capacity use plunged to negative 1.7 from positive 10.7, the Fed reported.Prices paid for raw materials slipped to 28.3 from 33.6, while prices received for finished goods slid to 8.7 from 12.3. Wages and benefits increased to 25.4 from 19.7, the number of employees index slid to negative 0.9 from positive 2.4, the average workweek index reversed to negative 2.6 from positive 3.2, and the capital expenditures index remained at 11.5.As for future outlook, six months from now, the general business conditions index declined to negative 6.2 from negative 4.2 last month, and the production index decreased to 26.6 from 33.9, according to the Fed. Prices paid for raw materials grew to 45.6 from 45.4, while prices received for finished goods dipped to 25.7 from 27.2.The wages and benefits index slid to 51.3 from 51.6, the number of employees index declined to 16.8 from 22.3, the average workweek index fell to 0.9 from 5.0, and the capital expenditures index slid to 16.1 from 17.5.
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Despite higher yields, muni to UST ratios remain rich. Ratios look "progressively richer" moving into the five- to 10-year part on the curve, with the 10-year spot "still far more attractive in taxables versus tax-exempts," J.P. Morgan said.
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The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.
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It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.
April 17 -
The meeting was attended by trade organizations, MSRB board leadership, Finance Committee members and MSRB senior staff.
April 17 -
The Federal Emergency Management Agency is asking for an additional $9 billion for this year in hopes they don't run out of funds in August as they're currently slated to.
April 17 -
The SEC won its case against Richard Ganci and Richard Tortora of Capital Markets Advisors over conflicts of interest present in their fee arrangement in connection to a $119 million offering for the City of Rochester, New York.
April 17