Finance

S&P Global Ratings, who revised the state's GO bond outlook from negative to stable last week.

The Federal Reserve's balance-sheet unwind is set to ramp up this week, which means the central bank will finally begin unloading the Treasury bills it started amassing almost three years ago.

Fed Chair Jerome Powell's message on rates last week combined with seasonal factors to give the market a "weird" vibe this week, one trader said.

Investors will be greeted Monday with decreased supply with the new-issue calendar estimated at $5.882 billion, down from total sales of $6.134 billion in the week of Aug. 22.

Moody's Investors Service rewarded the ongoing fiscal turnaround of Detroit's home county with a two-notch upgrade.

Outflows from municipal bond mutual funds continued as investors pulled $1.180 billion out of funds in the latest week, according to Refinitiv Lipper data.

Raul Amezcua, who once led Stifel's California and Arizona banking teams, hired several key bankers at Ramirez & Co. since joining the firm early last year.

The Investment Company Institute reported $230 million of inflows into muni bond mutual funds in the week ending August 17. ETFs see second week of outflows.

Join Peter O'Neill, Director and Senior Fixed Income Portfolio Manager, at Bank of America, and Blake Lynch, Head of Business Development, IMTC, as they discuss the role of separately managed accounts in the muni market with The Bond Buyer's Lynne Funk.

Don't expect much new information to come from Jackson Hole this year analysts say, as the data-dependent FOMC will rely on incoming economic numbers in September to decide the proper size rate hike.

Directors at two of the Federal Reserve's 12 regional branches favored a 100-basis-point increase in the discount rate in July, minutes of discount-rate meetings show.

Losses for August climbed last week, with month-to-date returns in the red at negative 1.40% on the Bloomberg muni index, high-yield seeing 0.99% losses, taxables at 2.01% losses and the impact index losing 1.70%.

The Minnesota Airports Commission is also in the bond market with a $386 million deal this week, followed by Chicago's $1.77 billion transaction next week.

The rating agency highlighted the state government's recent payments to its underfunded state pension system.

Investors will be greeted Monday with a decrease in supply with the new-issue calendar estimated at $6.711 billion, down from total sales of $10.318 billion.

Investors pulled $229.263 million out of muni bond mutual funds in the latest week, versus the $635.177 million of outflows the prior week, according to Refinitiv Lipper. High-yield continues to see inflows.

Hazelwood's mayor posted a letter on the city website warning of potential bankruptcy if the city can't renegotiate its deal with a fire protection district.

U.S. central bankers offered divergent signals over the size of the next interest rate hike, with St. Louis's James Bullard urging another 75-basis-point move while Kansas City's Esther George struck a more cautious tone.

The short end was hammered in the secondary with large blocks of high-grades showing big swings to higher yields while the rest of the curve wasn't spared the damage and triple-A yields rose by seven to 16 basis points.

It was a busy day in the primary Tuesday, with New York City pricing $950 million of GOs for retail and Miami-Dade County, Florida, and Mecklenburg County, North Carolina, selling in the competitive market.