The region’s manufacturing sector continued to expand, but at a much slower pace in May, as the general business conditions index slumped to 3.9 from 18.5 in April, the Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists expected a reading of 20.0. The prices paid index was 48.3 compared to 57.1 last month, new orders fell to 5.4 from 18.8, and shipments slid to 6.5 from 29.1.
With billions of federal funding available from the Infrastructure Investment and Jobs Act, one observer says it could be limiting the amount of municipal bonds issued by the sector.
Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
Steven Mahr moved to Chicago two years ago, and in March, he moved from Stifel to the city's finance department, where he's now happily tackling tough problems.
S&P Global Ratings joined Moody's in assigning a negative outlook to its triple-A rating, but a criteria change pushed Fitch's rating of the city up to AAA.
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
