The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to improve at a steady pace in March,” as the general business conditions index slipped to 22.86 from 24.91 in February, the Federal Reserve Bank of New York reported yesterday.
Economists had expected the index would be 21.45.
The new orders index rose to 25.43 from 8.78, the shipments index grew to 25.58 from 15.14, and unfilled orders increased to 4.94 from 2.78, the Fed said.
Treasurer John Fleming is pushing back against a proposal in the state Legislature that would make changes to the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
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.
The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.
It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.
The meeting was attended by trade organizations, MSRB board leadership, Finance Committee members and MSRB senior staff.
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.
