New York

The CPI numbers coming in pretty much as expected "was a relief" to the markets, with the bond market rallying after the release, said Luke Bartholomew, senior economist at abrdn.

The Municipal Forum of New York presented awards to four people at its annual fund-raising dinner in Manhattan on May 3. Money raised at the dinner is used to support the Urban Leadership Fellows internship program to support high school seniors heading to college.

Three public finance veterans and one industry hopeful took the stage Wednesday in Manhattan to accept awards at the forum's 32nd Annual Awards Dinner.

Total volume for the month was $30.599 billion in 577 issues, down from $40.423 billion in 900 issues a year earlier. Total issuance year-to-date is at $107.626 billion, falling 25.2% from the same period of 2022.

While fiscal 2023 and 2024 budgets remain balanced, outyear gaps increase to $4.2 billion, $6.0 billion and $7.0 billion in fiscal 2025 through 2027, respectively.

Almost a month late, the New York Senate and Assembly are expected to soon pass the $229 billion fiscal 2024 budget.

Investors will be greeted Monday with a new-issue calendar estimated at $7.208 billion, led by $1.3 billion of GOs from bellwether Washington.

Nassau County is set to issue $269.54 million of general obligation bonds in two separate sales in the upcoming week.

"I think there is a certain amount of anxiety for New York — and many other states — as federal pandemic funds run out and questions about the potential for a recession emerge," said Evercore's Howard Cure.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.

Jean-Yves Fillion, CEO of BNP Paribas USA, talks with Chip Barnett about how the bank leverages its commitment to tennis to help the communities it serves and expand environment goals that help the planet. Taped live at the BNP Paribas 2023 Open in Indian Wells California. (11 minutes)

Comptroller Brad Lander said the pension funds adopted a measurable and transparent plan that could serve as a model for other investors.

Comptroller Thomas DiNapoli noted state law requires salary payments to legislators be withheld after March 31 if a budget is not in place.

"Folks are aware of possible pressure that could weigh on the market, but attitudes are still generally more constructive than negative at this time," says Tom Kozlik of HilltopSecurities. 

Public finance veterans Marvin Markus and Mark Liff join Siebert as managing directors to focus on expanding the firm's infrastructure and higher education practices.

"If banks become even more reluctant to make new loans, the likelihood of a recession grows," says New York City Comptroller Brad Lander.

The MTA, which expected to begin collecting the tax next year, has revised downward its 2024 projections as federal review is taking longer than expected.

Governments across the Northeast announced support for emerging industries affected by the collapse of Silicon Valley Bank and Signature Bank.

The port authority cancelled the proposed $2.3 billion line following the release of a state-backed project evaluation.

Mayor Eric Adams executive budget "will be released in just 51 days, giving us limited time to marshal the substantial resources we will need to stay balanced in fiscal 2023 and 2024," said OMB Director Jacques Jiha.