WASHINGTON - UBS Financial Services, Inc has agreed to pay $160 million to settle securities fraud and other charges with the Securities and Exchange Commission, Internal Revenue Service and 25 state attorneys general over alleged fraudulent bidding practices and kickbacks involving muni investment and financial contracts.
The yield curve adjusted lower every day last week, drawing strong inquiries to dealers, "especially in the 10-to-15-year space that had been hit hardest in March," Birch Creek Capital analysts noted in their weekly market commentary.
"Historically, the weeks leading up to the April 15 tax day have been challenging for the municipal market, often due to weaker supply and demand dynamics," said Sam Weitzman, a product manager at Western Asset.
The exemption from state income taxes for Native Americans who live and work on federally designated tribal reservation land was at issue in the case.
S&P cited repeated draws on reserves for the lowered outlook.
President Trump's budget proposal for fiscal year 2027 includes $1.5 trillion for the military, while cutting FEMA's budget, privatizing the TSA, and increasing transportation funding.
The current 18,000-seat facility cost $87.7 million, and the city covered the cost with cash from its penny sales tax.
