Markets

Limetree Bay Energy, the U.S. Virgin Islands' largest private-sector employer, was an important source of government revenue.

The city council is considering the city's budget, which gave preliminary approval to a roughly $5.2 billion spending plan that allocates $156 million for violence prevention programs. Council members expect to vote on the budget Thursday.

The short end of the yield curve faced pressure from a cheaper UST five-year. As the flattening trend in UST takes hold, demand for duration will also spill over into the tax-exempt space, with long-dated munis continuing to outperform, analysts say.

Mayor Jorge Elorza’s $850 million POB proposal sits stalled in the state legislature while state General Treasurer Seth Magaziner called the legislation too risky.

Refinitiv Lipper's $1.85 billion of inflows say investors aren't going anywhere.

The roughly $1 trillion bipartisan plan would rely heavily on municipal financing tools to achieve $1 trillion in investment with any new federal taxes.

The group is also urging Congress to enact enhancements for aggie bonds and industrial development bonds.

The Investment Company Institute on Wednesday reported $2.533 billion of inflows into municipal bond mutual funds, the highest since February.

If the market holds, the state could also receive the lowest recorded true interest cost in its history of general obligation bond sales.

Tuesday’s data may not be indicative of where the economy is going and will likely be written off by the Federal Open Market Committee at its meeting, analysts say.