Markets

The high-yield deal will mark the junk-rated city's third post-bankruptcy general obligation issue on its own credit, without any external support.

The Federal Reserve Bank of Philadelphia's manufacturing index fell to a seventh- month low, while jobless claims hit a three-month high.

ICI reported another $2.3 billion of inflows, new deals continue the march to lower yields and benchmarks rose a basis point seven years and out for the first time since the beginning of December.

The rising number of COVID-19 cases and the restrictions imposed to stop its spread, led to a pullback in consumer spending and has a regional service sector reeling.

The state of Illinois sold $2 billion of three-year notes to the Federal Reserve's Municipal Liquidity Facility at 3.42%.

The authority that financed baseball and football stadiums in Chicago is sounding fiscal alarms as the coronavirus pandemic crushes hotel tax revenue.

While the latest read of manufacturing from the New York region suggests slowing, with COVID vaccines starting to be rolled out, the future index gained.

The municipal market can best be described as a "Goldilocks market" due to accommodative federal monetary policy, strong demand and limited supply, bond director Ben Watkins told the Cabinet.

Even with COVID-19-related shutdowns — a New York City lockdown may be imminent — issuers are pricing bonds into an extremely low-rate environment.

New York State's short-term revenue losses, resulting from coronavirus shutdowns, won't curb enthusiam for the Empire State Development Corp.'s offering, according to market sources.