Markets

The private equity firms accused the bank of concealing key changes to a credit agreement, in part because it wanted to win future muni bond business from Brightline Holdings.

Ocean Capital's next move is to attemot to have its elected directors seated on the funds' board of directors.

As was expected, the FOMC held rates in a range between 5.25% and 5.50%, but the dot plot in the Summary of Economic Projections showed 12 of 19 members expect another 25-basis-point rate hike this year.

The website now shows Bloomberg's yield curve with hourly updates between 9 a.m. and 4 p.m. The move changes EMMA's usual practice of displaying yield curve data from the day before.

Fund flows "should be moving along a more positive trajectory, but they have yet to do so with munis unable to break free of the Treasury market's tight grip," Oppenheimer's Jeff Lipton said.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.

The state managed to grow revenues above forecast for the first two months of the fiscal year despite the delayed tax filing deadline.

With a light new-issue calendar ahead of the FOMC meeting, "secondary flows may benefit from greater attention," said Kim Olsan, senior vice president at FHN Financial.

The governor said the budget would needlessly wipe out a rainy-day fund.

"We believe investors should take advantage of the current high rates environment: investors should pick and choose bonds selectively in the coming weeks in anticipation of this tightening cycle's end after November," BofA strategists said.