Markets

A supply/demand imbalance allowed New Jersey and Massachusetts to reprice to lower yields while the beleaguered New York MTA will head back to the Fed for liquidity.

Two vaccines seem effective and nearly ready for use, spurring talk of a return to normal.

The state's uncoordinated approach to allocating private activity bonds and funding affordable housing let $2.7 billion of authority go to waste, she said.

The strong demand amid a dearth of new municipal issuance by states and a reach for yield also allowed New Jersey to skip a planned taxable portion and officials announced it would not need to access the Fed's Municipal Liquidity Facility.

October retail sales rose less than forecast, and with a new wave of rising infections, analysts worry that lost jobs and increased restrictions could hurt sales going forward.

Chicago Mayor Lori Lightfoot is promoting a $950 million restructuring that adds three years to the city's debt service schedule as present value neutral when factoring in savings from a more traditional $750 million refunding.

Such moves could reduce costs by up to $180 million in present-value savings, Joe Torsella said.

The state has been coping with the economic fallout of COVID-19 and a burgeoning second wave that is expected to challenge the commonwealth’s finances and burden its healthcare system.

Municipals were steady to stronger ahead of $11.5 billion of supply as requests for new municipal bond identifiers surged almost 40% last month.

Municipals firmed Friday, with yields falling by as much as two basis points, as coronavirus threats grow and a flight-to-safety resumes.