Markets

Global bond yield move suggests financial markets are much more optimistic about the economy than the Fed.

The governor wants the first full actuarial contribution in 25 years, spurring discussion about what else one of the nation's lowest-rated states should do.

Moody's affirmed the state's general obligation bonds at Aa3, and credited it with significant long-term progress in restoring financial reserves and liquidity.

High-grade deals priced and secondary trading showed bonds exchanging hands at yields higher than triple-A benchmarks in some cases, but a healthy two-way flow was evident, even if there are signals that yields have not yet hit a ceiling.

California treasurer Fiona Ma named Nancee Robles to head the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.

The COVID-19 pandemic didn't delay the deal but it did influence the structuring of the new money and refunding deal.

The rating agency called the commonwealth's proposed rainy day fund withdrawal moderate.

Data released Monday showed economic strength with further improvement ahead. U.S. Treasuries were off by five basis points but municipals saw aggressive eight to 10 basis point swings to higher yields across the curve.

Muni yields rose another five basis points on the 10- and 30-year, bringing the total cuts to scales to 18 and 17 basis points, respectively, from Tuesday as the asset class moved closer to UST movements after lagging that market since the start of the year.

Illinois Gov. J.B. Pritzker's budget proposal, rosier revenue estimates and the prospects of more federal aid are only short-term salve for the state's long-term fiscal strains.