Markets

Business activity “grew only slightly in New York State,” according to the March Empire State Manufacturing Survey.

In the week ended March 14, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell to 3.99% from 4.04% the previous week.

A few remaining deals trickled into a stagnant, steady market, as the SALT effects have impacted the seasonality typically associated with tax season.

Moody’s Investors Service downgraded the Albert Einstein Healthcare Network in Pennsylvania to Ba1 from Baa3.

Sales of new U.S. homes in January fell to the weakest pace since October, driven by a decline in the Midwest as still-elevated prices keep buyers on the sidelines.

Import prices rose 0.6% in February, the largest rise since May, compared with expectations for a 0.4% gain.

Filings for U.S. unemployment benefits rose to a four-week high and exceeded estimates, a sign the labor market may be softening somewhat even as it remains strong overall.

In his waning days, Chicago Mayor Rahm Emanuel won approval for several development projects and a new money GO issue.

Municipal bonds held firm Wednesday as deals swarmed into the market from issuers in Virginia, New York and Texas.

Reps. Steve Stivers, R-Ohio and Dutch Ruppersberger, D-Md., are also drumming up support for the muni market's role in infrastructure finance.