The Empire State Manufacturing Survey “indicates that manufacturing activity in New York continued to deteriorate in June,” as the general business conditions index slipped to negative 8.93 in May from a negative 3.23 reading in May, the Federal Reserve Bank of New York reported yesterday.
Economists surveyed by IFR Markets had expected a reading of negative 0.50.
Looking six months into the future, the general business conditions index rose to 29.41 from 23.88 last month.
Despite higher yields, muni to UST ratios remain rich. Ratios look "progressively richer" moving into the five- to 10-year part on the curve, with the 10-year spot "still far more attractive in taxables versus tax-exempts," J.P. Morgan said.
The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.
It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.
The meeting was attended by trade organizations, MSRB board leadership, Finance Committee members and MSRB senior staff.
The Federal Emergency Management Agency is asking for an additional $9 billion for this year in hopes they don't run out of funds in August as they're currently slated to.
The SEC won its case against Richard Ganci and Richard Tortora of Capital Markets Advisors over conflicts of interest present in their fee arrangement in connection to a $119 million offering for the City of Rochester, New York.
