Finance

Municipal bond mutual funds saw small inflows as investors added $16.4 million to the funds after $154.4 million of inflows the week prior, according to LSEG Lipper.

Issuance this year is "well on its way" to $450 billion, mostly from the tax-exempt supply of new money projects, said Matt Fabian, a partner at Municipal Market Analytics.

Investors may want to consider non-disclosure of climate hazards as a symbol of non-resilient projects and limited planning.

Despite some slight weakness Monday, munis continued an "impressive start to June," with yields falling 10 to 13 basis points last week, Birch Creek strategists said.

According to the board, the addition is an important means to enhance market transparency and is in line with its FY24 priority to expand the EMMA platform.

The new-issue calendar is led by the New York Transportation Development Corp. with $1.5 billion of green AMT special facilities revenue bonds for the John F. Kennedy International Airport New Terminal One project,

The one-notch upgrade from Fitch Ratings comes as the county plans to to sell up to $900 million in two lease revenue bond deals this summer.

"Even after this week's rally, absolute yields look attractive in the context of the trading range over the past three years, May's underperformance versus taxable fixed-income, and our longer-term projections for lower rates this year," J.P. Morgan strategists said.

"It is important to remember that as long as the Fed's next move is to lower policy rates, bonds will do well," said Jack McIntyre, portfolio manager at Brandywine Global. "The employment market is in better balance, which is very important for the Fed — even more than inflation."

The Biden administration's accelerated deadlines for exiting dirty energy like coal could pressure utilities already facing growing demand, the rating agency said.