Markets

With the latest federal rescue package stalled, New York's mayor has asked state lawmakers to authorize an additional $7 billion in bonding.

Credit concern is being lost somewhat in pricing munis and traders said they are looking for alternative benchmarks, even turning to corporates and U.S. Treasuries to price the market.

Although up from the worst levels, indicators are not signalling recovery.

The primary supply for the holiday-shortened week is projected to dip to just over $4 billion, with a mix of tax-exempt and taxable issuance led by Colorado’s $500 million of certificates of participation.

Investors, while confident long-term about the transit authority, worry about immediate risks, Chairman Patrick Foye said in a letter.

Taxable equivalent yields on exempts are close to converging into taxables.

Moody’s Investors service downgraded the archdiocese to Baa1 from A1.

Numbers in the fall will offer clearer picture of where economy is.

Municipal to U.S. Treasury ratios were attractive, especially on the short end, which drove secondary yields lower.

Moody's warns the current economic turmoil poses more pension-related credit risks for Illinois and many of its local governments than did the Great Recession.