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Gov. J.B. Priztker touted the state's fiscal progress in his combined budget and state of the state speech.

A substantial drop in new money volume sets California and the Far West apart from the the country.

"At this juncture, the incoming data have not changed my view that we will need to bring the fed funds rate above 5% and hold it there for some time," Mester said.

Inflows continued with the Investment Company Institute reporting investors added $2.194 billion to mutual funds in the week ending Feb. 8, after $1.471 billion of inflows the previous week.

"The board's arguments are bad for the future of infrastructure financing in the United States," Oversight Board member Justin Peterson said.

Spending on climate proofing infrastructure and other green capital developments increased 68% while overall volume tumbled 13% in the region.

Fitch Ratings received enough inquiries over S&P's action — slashing a Chicago suburb's GO rating by seven notches — that it put out a special commentary outlining differences between the two agencies' analytical approach even though Fitch does not rate the village under scrutiny.

"We urge you to use rescue plan money to make your community safer," Biden said. "Invest in affordable housing, get small businesses back on their feet, train your workforce." 

FINRA fined Quint Capital Corporation $35,000 and its founder Alexander Quint $10,000 over their role in allowing a broker banned by the SEC and FINRA to work for the firm.

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