Markets

Gov. Tom Wolf bought time to pass the bills necessary to fund Pennsylvania's $32.2 billion spending plan.

The value of wholesale inventories rose 0.4% in May, an upward adjustment from the 0.3% gain estimated in the advance estimate, while wholesale sales fell 0.5%, their largest decline since July, data released Tuesday by the U.S. Commerce Department showed.

The municipal bond market on Tuesday will see more supply head its way with the second day of retail orders being held on the New York City Transitional Finance Authority’s $1 billion of building aid revenue bonds and deals expected from Los Angles and Philadelphia.

Small business owners’ optimism fell in June, as did hiring plans, according to the National Federation of Independent Business' monthly Small Business Optimism index published Tuesday.

Municipal bonds ended mixed on Monday, according to traders, as the New York City Transitional Finance Authority’s $1 billion of building aid revenue bonds were priced for retail investors and the Chicago Public Schools came to market with an unrated bond deal.

Chicago Public Schools borrowed $500 million after doubling the size of its GO offering.

Consumer credit increased by $18.5 billion in May to $3.842 trillion, the Federal Reserve reported Monday.

Allegations of fiscal mismanagement landed a California school district on negative watch.

Municipal bonds were mixed at mid-session, according to traders, who are set to see a chunky new issue slate head to market this week. Volume is estimated at $9.29 billion, composed of $7.94 billion of negotiated deals and $1.35 billion of competitive sales.

After two years Illinois finally got a budget, but this week the municipal bond market will be eying the state’s credit rating.