The Municipal Bond Index for Tuesday, Nov. 4, has been revised because Standard & Poor's Securities Evaluations Inc. priced one of the bonds incorrectly. The Long Island Power Authority's 6% bond due May 1, 2033, should have been priced at 100.385. As a result, the index for Nov. 4 is now 97-23, the average dollar price is 95.32, the average yield to par call is 6.23%, and the average yield maturity is 5.94%.
The muni market may see additional volatility due to "uncertainties related to the future of tariffs and stronger inflation prints," said Barclays strategists led by Mikhail Foux.
The industry for years has lobbied Congress and the Treasury Department to make the changes, but the issue has taken on more urgency amid a data center boom that promises to transform the U.S. energy landscape
Fresno, California, received a boost to positive from stable on its senior lien airport revenue bonds.
Moody's cited very narrow liquidity, very high leverage and concerns about delays in opening up a new campus.
Federal Reserve Vice Chair Philip Jefferson said that as interest rates have moved toward a more neutral level, "it makes sense" now to proceed with caution.
The California Debt and Investment Advisory Commission explored public finance solutions to child sexual abuse claims this week at an event in San Diego.
