An employment index used to track overall labor costs rose 0.4% for the final three months of 2010, after increasing at a seasonally unadjusted 0.4% rate during the third quarter of 2010, according to a report the Bureau of Labor Statistics released this morning.
The fourth-quarter gain was lower than the 0.5% uptick predicted by economists, according to a median estimate from Thomson Reuters
"You would think global instability leads to flight for quality, but you also have the inflationary pressures that come with higher oil prices. I would say the inflationary pressures have been winning, and that's why you're seeing Treasury and muni rates move higher," said Keith Richard, head of public finance at Siebert Williams Shank.
The current lateral recruiting marketplace for public finance attorney talent is "highly competitive," according to Nixon Peabody's Julie Seymour.
The weakness in fixed-income markets comes after stocks and bonds saw strength Monday following President Donald Trump's announcement of a five-day pause on strikes on Iranian power plants amid talks between the two countries.
The AA-minus-rated bonds come to market as the hospital sector continues to navigate through rising expenses and other challenges.
"We are in interesting times as the market must now balance these robust technicals against a backdrop of geopolitical tension in the Middle East and the nomination of Kevin Warsh, whose hawkish reputation is already being weighed by participants," said Jason Wong, vice president of municipals at AmeriVet Securities.
Otero County's March 13 emergency meeting to avoid a bond default did not comply with the Open Meetings Act, the state's Justice Department determined.
