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A default would halt federal payments and could delay key infrastructure projects

A bill that advanced last week in the Texas Legislature would force a citywide vote on bonds for the Project Connect plan to build light rail.

While Nuveen is a storied and well-respected institution in our business, it did not define John Miller.

The "weakness in the secondary market will carry over into this week, which may lead to higher yields and wider spreads in the primary market," said CreditSights strategists Pat Luby and Sam Berzok.

Except for the riskiest sectors, high-yield credit fundamentals appear to be strong, but rising interest rates and fund outflows are dampening primary and secondary market activity.

Still no clarity as the banking crisis adds to the difficulty of predicting an economy still feeling COVID impacts and uncertainty about the prospects for a recession.

The Republican-controlled legislature sent the governor a tax cut bill that included replacing the state's three-tier personal income tax structure with a flat 5.15% rate.

The 3.7% shortfall for the first nine months of the fiscal year was driven largely by shortfalls in personal income tax receipts.

A bill to prevent developers from buying bonds issued by their metropolitan districts died, but another measure limiting interest rates in such cases was enacted.

How $5.7 billion will be divided among creditors remains to be figured out.