Markets

Refinitiv Lipper reported $750 million of inflows into municipal bond mutual funds for the week ending May 12 while high-yield funds saw $487 million of inflows.

The outlook shift to stable from negative is a badly needed shot in the arm from the capital markets as the city prepares to come out of the COVID-19 pandemic.

While the pressure was on municipal yields, which rose two to four basis points, the Investment Company Institute reported another week of inflows, with $928 million coming into municipal bond mutual funds and another $285 million into ETFs.

First quarter FDIC data show a $10.75 billion-plus jump in U.S. banks’ net purchases of municipal securities, the eighth biggest quarter since 2003, MMA says.

IndyGo's expansion is being financed by a local income tax.

The White House and a bipartisan cadre of lawmakers appear committed to getting infrastructure, including top muni market lobbying goals, achieved.

Tighter spreads and richer ratios are likely to continue, particularly as looming tax increases amplify the value of the tax-exemption, but analysts are hesitant to predict how much lower rates can go before investors balk.

A disappointing jobs report gives credence to the Federal Reserve’s concern about slack in the labor market.

Guam’s tourism has been hit very hard by COVID-related travel limitations, but the government should be able to get through this period with approved federal aid and the continuation of federal military construction.

Federal coronavirus relief helps the city deal with immediate budget problems, but pensions loom large over the city's post-pandemic fiscal landscape.