Muni Think

The challenge of pension promises and bond indebtedness is inextricably entwined.

Some of the past year’s decline might have been caused by a stronger dollar reducing demand for U.S. products, but the main factor is likely lower energy and commodity prices.

Misinformation abounds as states move to protect general obligation debt with statutory liens.

Rhode Island and Michigan showed solid improvement in labor markets in August, while Puerto Rico showed greater improvement in its unemployment rate than any of the 50 States, according to our proprietary measure of state economic health.

A budget compromise this year to reduce sequester cuts seems unlikely, and agencies like the Defense Department have fewer opportunities to reduce the impact of spending cuts.

While there are currently many reasons for municipal bond investors to fret, one measure of market sentiment is showing a high level of complacency.

Kentucky's economy has shown the largest year-over-year improvement in our economic health score, helped by a strong labor market. High foreclosure rates and lagging housing prices have dragged New Jersey to the biggest decline.

Bankruptcies in Detroit, Jefferson County, Ala., and three California cities helped spawn a new breed of activist judges, who may use Chapter 9 cases as the platform not just for reorganizing municipal debt, but also for helping set the stage for turning distressed cities around.

Beneath the surface of last week's data, which showed the number of initial claims for unemployment insurance was the lowest since 1973, are some dramatic changes, especially in energy producing states.

Food stamp participation is losing value as a poverty indicator amid the expansion of Medicaid under the Affordable Care Act.