New York

Her abrupt suspension of the tolling plan for Lower Manhattan leaves a $15 billion hole in the Metropolitan Transportation Authority's capital budget.

It is not clear how the Metropolitan Transportation Authority would fund its capital plan if the governor puts the brakes on the toll plan for lower Manhattan.

May volume "surprised on the high end and it has been one of the fastest starts to the year historically," said James Pruskowski, chief investment officer at 16Rock Asset Management.

With a myriad of challenges facing state and local governments to fund vast infrastructure needs amid a shifting climate and severe weather events, there are government officials across the country that have begun to address them head on. Paying for them is one of the biggest challenges.

Fitch raised its rating on about $260 million of municipal bonds, backed by payments-in-lieu-of-taxes, from C — the lowest category before default — to CC.

In a new debt profile report, the Comptroller Thomas DiNapoli says the MTA will be pressured if congestion pricing tolls in Manhattan are blocked.

Delivery delays for Boeing planes are impacting airports, with Southwest Airlines recently announcing it is pulling out or reducing flights at some facilities.

New York Fed President John Williams said the Fed "will cut rates eventually" during a fireside chat at Milken Institute's Global conference on Monday.

April's volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023.

The mayor's executive budget will now be vetted by the City Council; its leaders say Adams' new spending plan shortchanges library and mental health programs.

Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.

"Numbers are hard to come by in a comprehensive way, but we do learn the state's budget is targeted at $237 billion," said John Hallacy. "This budget is clearly not a 'caretaker' budget, but one that adds significant spending. The question is how that spending will affect the out-years."

New York City Municipal Water Authority returns to the municipal primary after a $1.4 billion deal earlier this year.

"We withdrew the rating because we have determined we do not have sufficient information to maintain a forward-looking credit opinion on the city," S&P said.

The pace of the issuance and the increase of refundings, surging 59.6% in the first quarter of 2024, have also led some firms to up their overall 2024 issuance projections.

"DASNY's financing, construction and grants management on behalf of science, health and educational not-for-profits [are] the foundation for stronger, inclusive and more sustainable communities across the state of New York," said Robert J. Rodriguez.

New York State officials are unlikely to meet today's extended deadline for finalizing a fiscal 2025 budget and will probably push it back again.

With a dearth of taxable muni supply and Build America Bond refundings, the university should see strong demand for this week's $500 million taxable corporate CUSIP bonds.

In a recently released survey by the Citizens Budget Commission, New Yorkers said they are feeling much less safe, with only 37% rating public safety in their neighborhood as excellent or good, down from 50% in 2017.

Congestion pricing proponents claim it will reduce gridlock, improve air quality in Manhattan and boost ridership on the MTA, which has never recovered its pre-pandemic ridership levels.