New York

For the three-month period ending June 30, the fund's investments returned about 3.08%.

Despite looming economic and social challenges, New York City's economy has proven to be more resilient than projected, New York's comptrollers Brad Lander and Thomas DiNapoli say.

"Weaker performance is in part driven by higher permanent labor costs," Moody's said. "These elements highlight rising human capital and financial strategy risks under Moody's ESG classification and are key drivers of this rating action."

Costs associated with the influx of migrants could cost the city more than $12 billion over fiscal 2023, 2024 and 2025.

Though the city has vast financial strengths, it is struggling with the costs of housing migrants and declining commercial property values.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

"During this critical period for our state's future, I'm looking forward to having Blake Washington on my team," Gov. Hochul said.

New Jersey sued the federal government to block a plan to charge drivers entering midtown Manhattan, claiming federal regulatory approval was ill-considered.

After a tax increase, the Metropolitan Transportation Authority projects five straight years of balanced budgets for the first time in more than 20 years.

The back half of July is starting "much like the front half with ongoing UST volatility and municipal supply staying in the forefront," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.

Proceeds from the sale will be used to fund infrastructure projects in the city's $164.8 billion 10-year capital plan.

With the third quarter officially under way, municipal bond experts say the tax-exempt market is poised for better performance and stronger market technicals ahead in the second half.

Most top 10 issuers for 1H are from New York and California, with three from New York and three from California.

New York State Comptroller Thomas DiNapoli urged state agencies to do more to protect water systems from cyberattacks as Moody's Investors Service said cyber risks pose challenges to municipalities across the United States.

Proponents say it's the right time after states reaped the revenue rewards of a strong post-COVID economic rebound. Opponents, however, point to the gloomy market predicted to be ahead.

"Recent months have been trying for investors," said State Comptroller Thomas DiNapoli, "and there is no doubt that challenges lie ahead, with concerns over a recession and potential interest rate increases, but the state pension fund is well-positioned to weather these storms."

It's the largest federal transportation grant to date, said Sen. Chuck Schumer, D-N.Y.

The $107 billion adopted budget for fiscal 2024 maintains a near-record $8 billion in total reserves but doesn't increase them.

The new toll on vehicles entering large swathes of Manhattan will be a key part of the MTA's future capital plan.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."