Northeast

"There is no doubt that inflation has had an impact. It's important that we continue to ensure that everyone working in New Jersey has access to a livable wage," said Gov. Phil Murphy.

The muni market saw $379.992 billion of debt issued in 2023, only $11.076 billion less than the lackluster $391.068 billion seen in 2022.

The MTA's public review process on congestion pricing plan started Wednesday and will run through March 11. The MTA will also hold four hybrid virtual and in-person public hearings.

Newark Liberty, John F. Kennedy and LaGuardia airports remain on track to see their busiest year ever as 132 million passengers have passed through in 2023.

"Preserving a livable planet and a thriving economy will require a collective global commitment both to the phase-out of fossil fuels and to massive new investments," said New York Comptroller Brad Lander.

The county said this action will reduce its debt service costs by $115.9 million over the next six years.

With fears of further Fed hikes subsided, Birch Creek strategists said with "loads of cash still sitting on the sidelines, and expectations that cash will no longer earn 5%+, we believe the muni market will benefit in 2024 from a return of investors looking to allocate to the asset class."

Triple-A yields fell up to five basis points Friday while USTs were mixed. Munis still underperformed taxables on the week, but the setup for the asset class going into yearend is decidedly positive.

The $250 million of new money social bonds will finance public school construction projects, with another $190 million refunding debt issued to build schools.

Secondary trading showed clear strength across the yield curve Thursday with bellwether names trading up significantly from recent prints and original pricing levels. New-issues in the primary benefited with issuers repricing to lower yields and tight to triple-A curves.