Markets

Inflation remains low, while initial jobless claims continue improving, but the coronavirus pandemic looms large.

John Hallacy, founder of John Hallacy Consulting LLC, and Andrew Coen, Bond Buyer Northeast regional reporter, talk about next week’s $4 billion COVID-19 emergency GO and taxable social bond sale by New Jersey. Chip Barnett moderates the discussion on what it means for the state and whether the issue will become muni bond market benchmarks with an extra appeal to international investors. (15 minutes)

The rating agency cited higher leverage from borrowing plans to fund expansions and renovations and passenger traffic losses from the coronavirus pandemic.

S&P Global Ratings revised the outlook on Vermont’s AA-plus general obligation bond rating to negative from stable.

Light primary easily absorbed while secondary trading showed a steadier market as it closes for Veterans Day. Massachusetts announces $1.4 billion of GOs for next week.

While financial and economic shocks can't be prevented altogether, certain factors can worsen the shock, according to Federal Reserve Bank of Boston President Eric Rosengren.

Municipal yields rose as much as five basis points on the long end, but the losses were not as pronounced as UST. Light dealer inventories and scarce secondary trading let munis outperform Treasuries.

The Conference Board's Employment Trends Index (ETI) gained to 97.57 in October from 96.33 in September, but remains 11.1% lower than a year ago, the group announced Monday.

As the week drew to a close, municipal bond market participants looked ahead to a smaller-than-usual supply slate dominated by revenue bond deals.

The October employment report was stronger than predicted, with a 638,000 rise in nonfarm payrolls and a full percentage point decline in the unemployment rate, suggesting the economy continues to improve despite the rise in the number of COVID-19 cases.