Texas’ economy is suffering from lower energy prices, according to the latest statistics, while New Jersey faces mounting challenges as absentee Gov. Chris Christie runs for president.
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A second budget reconciliation bill is moving closer to reality, creating a mixed bag of challenges and opportunities for the municipal bond market.
Financial mismanagement and apparent revenue diversion led to events of default for centers owned by and financed through the PFA, the bond trustee said.
Wells Fargo's Julie Barger called the investors a "who's who of buyers in the muni market" including mutual funds, ETFs, SMAs and insurance companies.
The legislature passed bills to cut personal income tax rates over time and limit increases on homestead property tax payments to the rate of inflation.
The Texas city is facing a potential level 1 emergency, indicating the water system is 180 days from supply not meeting demand.
Financial markets, including the muni market, priced in too much of a "sure thing, done deal" Wednesday morning, said Kyle Gerberding, director of trading, a portfolio manager and partner at Asset Preservation Advisors.
