Finance

Federal Highway Administration officials have told the mass transit agency they would fast-track an environmental review process.

Muni yields have climbed double-digit basis points in a week but technicals remain strong. Refinitiv Lipper reports $1.96 billion of inflows into municipal bond mutual funds.

The governor has formed an Office of Climate Action and the Green Economy, while committing $100 million for clean-energy initiatives that include vehicle electrification.

The municipal secondary gave way to higher-yields and triple-A benchmarks rose two to five basis points. U.S. Treasuries pared back Tuesday's losses, even on the heels of better economic data.

With the U.S. Treasury sell off, municipal to UST ratios fell below 55% in 10-years.

Fitch Ratings warns that mounting challenges posed by ratepayers of Missouri's Howard Bend Levee District put its 2005 bonds at greater default risk.

Credit Suisse Group AG agreed to pay $600 million to settle a lawsuit over mortgage securities that collapsed in the 2008 financial crisis, an accord that locks in an expected hit to its profit.

The firm's leaders say Hilltop Securities sees growth opportunity in municipal bond underwriting, while financial advisory services will "grow selectively."

Uncertainties include state and federal aid levels, the effects of vaccine distribution and the MTA's finances.

Refinitiv Lipper reported $2.64 billion of inflows into municipal bond mutual funds. The overwhelming demand for the large deals priced this week demonstrates the flood of available cash that continues to support a strong market.

The California School Finance Authority has received 148 applications from districts and charter schools seeking to borrow almost $1.4 billion.

While most observers expect inflation to grow as the economy heals, the latest CPI numbers suggest that it hasn't yet arrived.

Even if there was some hesitation in the past few sessions to accept lower municipal yields given rich valuations, municipals continue grinding lower. One- and two-year AAA yields hit record lows of 0.06% and 0.08%, respectively.

Why has inflation remained low and how will the economic recovery impact it? Several experts offer their views as to whether inflation is or will be a problem.

The January employment report headline number disappointed while stimulus news lifted equities and U.S. Treasuries rose on both counts. Municipals ignored those moves ahead of another week of less-than-ample supply.

No rate hikes in sight as employment continues to struggle and inflation should rise this year, but not enough to force the Fed to raise rates.

Lumesis' president, COO and co-founder Tim Stevens talks about how AI complements the company’s pricing and scales software to predict the shape of a deal-specific municipal yield curve based on the structural and credit-characteristics and to use that predicted shape to fill-in portions of a yield curve that cannot be built from traditional means. Lynne Funk hosts. (35 minutes).

ICI reports a third week of $3-plus billion of inflows. Couponing is becoming as much a factor in inquiry as credit and issuers move to lower coupons in both competitive and negotiated deals.

Dealers say increased focus on systemic pennying has decreased its activity, while others aren't so sure.

The philanthropic arm of Siebert Williams Shank & Co. announced donations to support Howard University and Spelman College.