Markets

Dan Hynes, who was a deputy governor in J.B. Pritzker's administration, will work in public finance and corporate investment banking at Jefferies.

Bond ratings and other positive news of late could merely paper over warning signs of another fiscal cliff.

Month-to-date returns for municipals are in the red with the Bloomberg Fixed Income Indices municipal index returning -0.12%, high-yield at -0.15% and taxables at -0.32%.

U.S. Treasuries sold off by double digits while municipals cut levels by one to three basis points. Refinitiv Lipper reported another $1.55 billion of inflows for the 29th consecutive week.

The city's high leverage drew a two-notch Moody's downgrade ahead of a pension obligation bond deal to pay the unfunded liabilities of its public safety plans.

Both S&P Global Ratings and Moody's Investors Service lifted their outlooks, citing a rebound from pandemic-driven budget pressures.

Municipals continue to stay in their own lane. ICI reported $1.4 billion of inflows in the 28th consecutive week.

Fitch cited the state's stronger-than-anticipated rebound from the pandemic's lows in revising the outlook on its AA-plus rating from negative.

The authority's officials have adjusted to the hit from COVID-19 through toll hikes, capital plan reductions and lines of credit.

Data released Tuesday reflected a murky picture on the strength of the economy, but the market’s eyes were fixed on the Federal Reserve’s policy meeting in Washington, D.C.