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An outside consultant provided recommendations on how the commonwealth can catch up on its long-delayed financial reporting, including a multi-year CAFR.

The market took a much-needed breather Friday and U.S. Treasuries pared Thursday's losses to see the 10-year fall 12 basis points to 1.42% and the 30-year 17 basis points to 2.11%. Municipals were steady at 1.14% in 10 years and 1.82% in 30.

While issuance fell significantly from 2020, it was higher than January's and only the fifth time in 35 years that volume exceeded $30 billion in February.

Bills to expand the use of tax-advantaged bonds that are being reintroduced in the new Congress have favorable odds for being signed into law this year.

Our national debt has risen by more than 40% in the past four years, and as we begin to recover from the pandemic, inflation could become more apparent in consumer prices.

Taxable deals and refinancings fueled the 2020 volume spike as issuers adjusted to the coronavirus. The pandemic still looms over 2021.

Lawmakers received word of the improved forecast just before the release in early March of the first-draft proposal for the state’s two-year budget.

S&P said the proposed budget represents a step in the right direction but it will weigh the final budget and other developments before acting on its BBB-minus rating.

Municipal bond mutual funds took notice of rate movements with Refinitiv Lipper reporting $37 million of inflows after 15 weeks of multi-billion inflows, the lowest since Dec. 2. High-yield funds took a big hit with $330 million of outflows.

Texas' failure to supply the power needed to save lives in a deep freeze is seen as threat to the state's recruitment of new business investment.