The Chicago Fed National Activity Index for October remained negative, declining to negative 0.73 from an upwardly revised negative 0.30 reading in September, originally reported as negative 0.45. Meanwhile, the three-month moving average, or CFNAI-MA3, declined to negative 0.56 in October after September’s number was upwardly revised to negative 0.25 from negative 0.31, the Federal Reserve Bank of Chicago reported yesterday.In October 2006, the index was negative 0.43 and the CFNAI-MA3 was negative 0.28.The negative reading for the CFNAI-MA3 indicates national economic growth was below its historical trend and suggests little inflationary pressure in the coming year.Production-related indicators contributed negative 0.39 to the index in October compared to negative 0.04 in September, while employment-related indicators contributed negative 0.20 compared to negative 0.07, the Fed said. Consumption and housing-related data contributed negative 0.14 in October, a slight change from negative 0.16 the prior month, while sales, orders, and inventories contributed positive 0.01 after a negative 0.04 contribution in September.The index is a weighted average of 85 indicators of national economic activity, and is constructed to have an average value of zero and a standard deviation of one. A zero value for the index indicates the national economy is expanding at its historical trend growth rate, negative values are associated with below-trend growth, and positive values indicate above-trend growth. Overall, 21 of the 85 indicators made positive contributions to the index last month and 64 made negative contributions. While 43 indicators were better than in September, 26 of these still made negative contributions to the index. In addition, 41 indicators deteriorated in October.
-
The county commission said it hopes to regain Moody's ratings this fall.
July 3 -
Market participants launched the largest lobbying effort in recent memory to protect municipal bonds and got what they wanted as the tax-exemption survived.
July 3 -
UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.
July 3 -
Oregon Department of Transportation leaders said they will begin layoffs Monday after lawmakers adjourned without passing a transportation funding bill.
July 3 -
"If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs," said Sanchez, director of the SEC's Office of Municipal Securities.
July 3 -
The growth of the muni market comes as issuance surges, with the first half of the year seeing $280.64 billion of supply, up 14.3% year-over-year, according to LSEG.
July 3