Markets

S&P Global Ratings said it has lowered its ratings on Virgin Islands Water and Power Authority's (WAPA) senior-lien electric system revenue bonds to CCC-plus from BB-plus.

The Federal Open Market Committee meeting should produce a start date for balance sheet reduction and a new dot plot, but no rate hike.

Top-rated municipal bonds were weaker at mid-session, traders said, as the New York Metropolitan Transportation Authority offered almost $600 million of green bonds to retail buyers.

Gov. Tom Wolf has threatened further cuts without a balanced $32 billion fiscal 2018 budget.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were announced Monday, as the three-months incurred a 1.045% high rate and the six-months incurred a 1.180% high rate.

Several Democrats broke with their party to pass a GOP budget that Gov. Dannel Malloy intends to veto.

Builders’ confidence in the market for new single-family homes decreased, the National Association of Home Builders said.

The municipal bond market is set for the start of the week’s smaller-than-average new issue calendar. Volume for the week is estimated at $4.72 billion, consisting of $3.71 billion of negotiated deals and $1.01 billion of competitive sales.

The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's September Business Leaders Survey, released Monday.

The increase in median income may be connected to emigration from the island.