Markets

Michigan's fiscal recovery led S&P Global Ratings to lift its rating outlook to stable from negative. Fitch boosted its outlook to positive earlier this month.

Ridership displacement, remote work and online shopping amplify pre-pandemic challenges such as large capital plans.

Gilt-edged munis fell as much as two basis points Wednesday as the month ended and the first half stats were put into the record books.

The Board of Elections acknowledged a major error in Tuesday's update. Outgoing Mayor Bill de Blasio and the City Council, meanwhile, are finalizing a $98.7 billion FY22 budget.

While June was lower than 2020 in par, pandemic-related factors skewed last year's issuance totals, making the $42 billion issued this month high on a historical basis. Outside factors, such as federal aid and potential infrastructure plans, may affect issuance going forward.

The Metropolitan Pier and Exposition Authority will scoop-and-toss fiscal 2022 debt service and current refund debt for savings as it looks to salve the lingering wounds inflicted by the pandemic.

After more than a decade of ratings deterioration, the lowest-rated state won an upgrade Tuesday, taking its Moody's rating to Baa2.

A majority of the week's largest new issues priced at yields mostly at or around benchmarks as secondary trading did little to move scales. In economic data released Tuesday, the June consumer confidence index climbed, suggesting spending will rebound.

State Treasurer Shawn Wooden discusses the state's across-the-board bond rating upgrades, its immediate challenges and initiatives such as "CT Baby Bonds." Paul Burton hosts. (19 minutes)

With various Federal Reserve officials airing their views since the Federal Open Market Committee’s latest meeting, it may take a while for members to reach agreement on tapering, a boon for municipals.