Markets

December wholesale inventories increased by 1.1%, vs. a 0.1% rise expected by an MNI survey of analysts.

Intel Corp. is this week’s top headline act in the municipal bond primary market as issuers in Arizona and Oregon prepare to sell $650 million of industrial and economic development revenue bonds.

The Chicago Fed National Activity Index for January fell to negative 0.43 from a downwardly revised positive 0.05 in December.

Note issuance declined in 2018 as a result of tax reform, rate fears, and ongoing fiscal austerity sparked by state and local revenue growth.

Following a late-2017 rush to market of advance refundings and private-activity bonds in the run-up to the implementation of new tax legislation, supply in 2018 -- particularly refunding issuance -- suffered a steep decline.

IHS Markit Ipreo forecasts weekly bond volume will increase to $4.9 billion.

Issuers in the Northeast sold $95.5 billion of municipal bonds in 2018, off 21.3% from 2017 with an even more pronounced fourth-quarter drop.

Municipal bond buyers are looking forward to a more robust new issue slate for next week.

Municipal bond buyers gave a warm reception to the two deals totaling $473 million.

The Florida Development Finance Corp. has been asked to approve a third private activity bond allocation for Brightline/Virgin Trains.