Markets

U.S. economic growth cooled last quarter as consumers pulled back following outsize spending in the prior period, though solid business investment cushioned some of the weakness.

In the week ended April 26, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index jumped up to 4.05% from 3.99% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Municipal bonds steadied after sliding the previous day, as the last of the week’s new issuance came to market.

New casinos will open this year after a winning 2017 for the Jersey Shore resort’s downsized gambling industry.

Munis were stronger on Thursday as the last of the week's supply slipped into the market.

Respondents to the monthly manufacturing survey reported higher prices received, suggesting growing inflation, while respondents voiced concern about trade policy.

The value of U.S. durable goods new orders rose by 2.6% in March, much faster than the 1.7% increase expected by analysts in an MNI survey.

Initial claims U.S. state unemployment benefits fell by 24,000 to 209,000 in the April 21 week, well below the 231,000 level expected by analysts in an MNI survey and the lowest level since the December 6, 1969 week, data released by the Labor Department Thursday showed.

Illinois paid more to borrow in Wednesday's bond sale compared to last year, though yields narrowed from recent trading levels.

Matthew O’Grady, a 20-year municipal veteran, joins KeyBanc from Piper Jaffray.