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"We have made good progress, but inflation is still running above the FOMC's 2% objective," said Federal Reserve Bank of Cleveland President Beth Hammack.

Several macro trends have converged to drive growth in municipal bond issuance, said participants at The Bond Buyer's California Public Finance conference.

Vales is currently a director for fixed-income focused broker-dealer InspereX and an independent trustee for the Axonic Funds, having previously served as the CEO of electronic trading platform TMC Bonds, which ICE acquired in 2019.

The Municipal Securities Rulemaking Board held its first board meeting over Oct. 23-24, where it approved a number of rule proposals and requests.

Build America Mutual insured the majority of the maturities in the West Contra Costa Unified School District GO deal.

The downgrade affects $2.1 billion in bond debt and extends to its utility debt.

While fundamentals remain strong — with credit upgrades outpacing downgrades by 3.5 times so far in 2024 — technical factors have been "less supportive," Principal Asset Management strategists said in a report.

Geography is playing a role in financial health as debt issuance rises.

San Francisco's slow recovery from the pandemic and continued financial pressures drove the downgrade, Moody's analysts said.

The state lacks the money to widen the traffic-clogged highway on its own, officials said.