Northeast

The muni market saw $507.585 billion of debt issued in 2024, up 31.8% from $385.061 in 2023. This surpasses the previous record of $484.601 billion in 2020 by more than $20 billion, per LSEG data.

The resolution marks the end of a yearslong lawsuit.

The $33 billion funding gap in the authority's five-year capital plan is too big, the Senate majority leader and Assembly speaker said in a rejection letter.

The budgeting constraints transformed the state's finances and bond ratings. But critics say the policy's downsides include the stifling of needed investments. 

Robert McDermott has joined the firm as a director.

The Metropolitan Transportation Authority's finance committee approved $9 billion of bonds, some backed by new revenue sources.

Governments once stayed for decades in the state program for distressed municipalites; one official called it a "roach motel." Today, only three towns remain.

Muni mutual funds saw outflows after 23 weeks of inflows as LSEG Lipper reported investors pulled $316.2 million for the week ending Dec. 11. High-yield municipal bond funds, though, saw inflows of $192.3 million.

The lowest-rated municipalities in the state are benefitting the most from current economic tailwinds, Moody's reports.

Suffolk's improved finances won the county its third rating upgrade this year.