Markets

Service sector “continued to grow modestly in January,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Wednesday.

Manufacturing growth in the central Atlantic region “was soft in January,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index climbed to negative 2 from negative 8.

Municipal bonds lost early strength and finished mixed on Tuesday as traders returned to work after the Dr. Martin Luther King holiday.

Municipals were stronger Tuesday ahead of this week’s $5 billion new issue calendar.

Existing home sales fell 6.4% to a seasonally adjusted 4.99 million-unit rate in December.

The Philadelphia region's services sector reading fell in January, Federal Reserve Bank of Philadelphia said on Tuesday.

A trader said lack of follow-through on long new issues continued to plague the market as the weekly calendar shrank to $5B of issuance.

The legislation would leverages $8 billion in federal investment into $226 billion worth of bond authority over the next 10 years.

Hilltop Securities, the Southwest region's top financial advisor, is hiring and restructuring management two years after a difficult merger with Southwest Securities.

The municipal bond market is prepping for around $5 billion of new issuance in the upcoming holiday-shortened week.