The Latest

Senate Banking Chair Sherrod Brown plans an early February hearing for President Joe Biden’s three most recent Federal Reserve picks and said he expects bipartisan confirmations of all five nominees to the central bank’s board.

If Congress opts for a continuing resolution instead of a full-year appropriation, transportation lobbyists said they would ask for an exception so that IIJA funds can begin to flow.

To become law, the bill would have to pass the House of Representatives and Senate, gain the governor's signature, and avoid potential blocks by the Puerto Rico Oversight Board and lawsuits.

The Department of the Treasury’s warning letter to Arizona may be a warning to all states who defy the Biden Administration’s rules related to ARPA funding, but disclosure related to clawbacks could be a problem for muni issuers.

Revenue projections are higher but the good news comes with a warning that the state must proceed cautiously when spending one-time infusions of cash.

Aoifinn Devitt, chief investment officer at Moneta Group, discusses the Federal Reserve’s plans to raise rates this year, whether this was truly a pivot in Fed thinking, how the market reacted to this change and will how they will respond when rates go up, how new members on the Federal Reserve Board could impact Fed plans and what this all means for investors. Gary Siegel hosts. (28 minutes.)

The largest deal of the week comes from the New York City Transitional Finance Authority with $950 million of exempts and $250 million of taxables.

The junk-rated Chicago Public Schools sold $872 million of new-money and refunding bonds into a rockier market for high-yield paper Thursday.

The investment could repair 15,000 bridges across the country and requires states to set aside at least 15% for local bridges.

Lamont Financial Services Corp., Swap Financial Group and RBC Capital Markets moved up into the top 10.