Finance

The economy grew faster from late February through early April while consumer spending increased, with a possible rise in inflation in the near term, according to the Federal Reserve’s Beige Book released on Wednesday.

One-year municipal debt has fallen to record lows with benchmark yield curves at 0.05% and the 10-year muni has fallen below 1% while 30-year muni benchmark yields at or less than 10-year UST.

The commonwealth's largest public pension fund acknowledged an erroneous investment return that was just high enough to avoid triggering a teacher risk-sharing provision.

Rating agency moves on credits across the spectrum are pushing spread-tightening in munis, but the broader economy is still two years away from pre-pandemic levels, according to Federal Reserve Bank of Boston President Eric Rosengren.

Ratios aren't budging as municipal to UST outperformance is not abating. The three largest deals of the week will be taxable, increasing the demand component for exempt paper.

Buoyed by a ratings upgrade from Moody's, the state still faces challenges including high debt and legacy costs.

High-yield inflows return to the tune of $821 million. The 10-year triple-A hovers just above 1%.

Lawmakers added more money and projects to Idaho's Garvee program in 2017 partly to counter congestion from the state's massive population growth.

The Investment Company Institute reported another week of inflows, $800-plus million, as participants focus on that part of the market as an indicator of how munis will fare during tax season.

The theme of low supply, positive inflows and the anticipation of higher tax rates led triple-A benchmarks firmer by one to two basis points.

S&P raised CPS' junk rating by one notch, saying federal funds will boost an "already positive financial trajectory."

The services sector showed improvement and employment made big gains in March, but economists note the labor market remains far from full employment.

Non-farm payrolls rose 916,000 in March, according to a Labor Department report Friday, while the unemployment rate fell to 6%.

Susan Courtney, head of the Municipal Bond Team at PGIM Fixed Income, talks inflation, muni credit in COVID times and infrastructure. (27 Minutes) Lynne Funk hosts.

Moody's elevated the state's GOs to Aa3 from A1, citing a commitment to boosting rainy-day balances and sound governance during the pandemic.

Municipal bond industry leaders weighed in on their expectations for 2021 during a panel discussion at The Bond Buyer's National Outlook Conference.

Biden's $2 trillion infrastructure proposal, combined with the shortened week and the arrival of the second quarter, took attention away from the muni market.

Fitch said the downgrade reflects “persistent pressures on the travel and tourism sector" because of the COVID-19 pandemic.

Gov. Gavin Newsom proposes securitizing future car registration fees to back bonds that speed construction of the electric vehicle charging stations.

Larger fund flows, lower supply and optimism surrounding issuer credit post-stimulus allowed for a March price reversal that avoids posting two consecutive months with losses. The consumer confidence index jumped to its highest reading in a year in March.