Markets

Moody's dropped the Chicago Archdiocese' rated debt by three notches to Ba1.

COVID-19 brought the primary to a standstill in March and April. The municipal market is now set to eclipse $450 billion of issuance in 2020, a record.

With rising COVID-19 cases and increasing local restrictions, jobless claims can be expected to continue rising, economists said.

Conduit issuer Trust for Cultural Resources for the City of New York will issue the $77 million green transaction.

The state will use debt service savings from the refunding side of the deal for near-term budget relief; the deal includes its first taxable refunding bonds.

Muni benchmarks were steady while new deals re-priced to lower yields in a tale of two markets. ICI reported more inflows.

Many predicted double-digit unemployment at yearend, but that won't happen, but even after vaccines are introduced labor market questions will need to be addressed.

Predictably, the rating agency cited COVID-19 effects in its downgrade to AA-minus from AA.

Strong technicals, low supply, yield-seekers keep munis outperforming.

Strategists from both Wells Fargo Investment Institute and John Hancock have low expectations for inflation going forward.