Markets

High-yield municipal bond returns are more than 6% so far in the year as Nuveen expands its reach in the sector with a new "interval" high-yield fund.

Participants consider whether Illinois' recent upgrade is a one-off due to the flood of federal aid or a turning of the tide toward better fiscal decision-making that could help it climb further up the rating scale.

With better-than-expected payrolls, economists still caution full recovery is a ways away. Muni participants are closely following how the Fed's action — or inaction — will affect the municipal market going forward.

The broader market awaits Friday’s nonfarm payrolls report, but Thursday brought some helpful labor news — unemployment claims dropped to the lowest since before the pandemic-caused economic shutdowns and layoffs plunged in June.

Michigan's fiscal recovery led S&P Global Ratings to lift its rating outlook to stable from negative. Fitch boosted its outlook to positive earlier this month.

Ridership displacement, remote work and online shopping amplify pre-pandemic challenges such as large capital plans.

Gilt-edged munis fell as much as two basis points Wednesday as the month ended and the first half stats were put into the record books.

The Board of Elections acknowledged a major error in Tuesday's update. Outgoing Mayor Bill de Blasio and the City Council, meanwhile, are finalizing a $98.7 billion FY22 budget.

While June was lower than 2020 in par, pandemic-related factors skewed last year's issuance totals, making the $42 billion issued this month high on a historical basis. Outside factors, such as federal aid and potential infrastructure plans, may affect issuance going forward.

The Metropolitan Pier and Exposition Authority will scoop-and-toss fiscal 2022 debt service and current refund debt for savings as it looks to salve the lingering wounds inflicted by the pandemic.