Northeast

The state board that oversees the city's finances heard a positive assessment of the Big Apple's fiscal picture, tempered with a wary gaze into the future.

The decision follows months of turmoil that left the city without an approved budget well into the new fiscal year, said Moody's analyst Douglas Goldmacher.

The Investment Company Institute reported $2.527 billion of outflows from muni bond mutual funds in the week ending Aug. 31 compared to $765 million of outflows the previous week.

Surging state revenues eased the burden of managing fixed costs, Moody's says in an examination of state liabilities based on fiscal 2021 financial reports.

Many market players have revised their supply projections downward since rising interest rates have slowed down refunding and taxable volumes and general market volatility has stopped some issuers from participating.

S&P Global Ratings, who revised the state's GO bond outlook from negative to stable last week.

The congestion pricing plan that puts tolls on vehicle traffic coming into lower Manhattan still faces many hurdles before it would take effect.

The state's Board of Public Works could vote on the 50-year concession this fall as Gov. Larry Hogan aims to button up the project before he exits office in January.

Don't expect much new information to come from Jackson Hole this year analysts say, as the data-dependent FOMC will rely on incoming economic numbers in September to decide the proper size rate hike.

It's the latest setback for Gov. Larry Hogan's signature project, which he wants locked down before he exits office in January.