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Municipals continue to outperform Treasuries amid a light holiday-shortened week led by a California tobacco deal.

Moody’s followed S&P in lifting Illinois’ outlook to stable, where it stood before the COVID-19 pandemic, but a lot more needs to happen for an upgrade.

Both personal income and expenditures dropped in February, while personal consumption expenditures also came in weaker than expected, meaning inflation remains in check for now.

The Securities and Exchange Commission previously charged one of the seven, an unregistered investment adviser, with similar allegations.

Gov. Tom Wolf said the tax has become unreliable for funding the commonwealth's vast network.

Other detention centers and prisons operating near the U.S.-Mexico border have undergone similar IRS audits the last couple of years in which issuers have agreed to convert their bonds from tax-exempt to taxable.

Jeffrey Fladell, who retired from RBC Capital Markets in 2017, agreed to pay that fine while neither admitting nor denying FINRA's charges.

Moody's is the second rating agency this month to bring its outlook on Illinois to stable, though all ratings remain at the lowest investment grade.

American Relief Plan funds may also spare the city's reserves, but officials are waiting on the fine print from Washington to see what they can actually do.

Veneta Dimitrova, senior U.S. economist at Ned Davis Research, says the COVID pandemic showed us the government has more fiscal space than thought. She also discusses inflation, housing, the manufacturing sector, global supply chain challenges and the Fed’s balance sheet. Hosted by Gary Siegel. Taped Feb. 24. (32 minutes)

ICI reported another week of inflows at $2.23 billion. U.S. Treasuries strengthened further as COVID-19 concerns linger with shutdowns in Germany and spreads elsewhere. Equities were mixed.

Under the Transit Tech Lab accelerator program, companies can pilot their technologies with several New York region transportation agencies.

Federal Reserve Chairman Jerome Powell said prices would rise this year as the pandemic recedes and Americans are able to go out and spend, but he played down the risk that this would spur unwanted inflation.

The change represents a doubling of related investments, Mayor Bill de Blasio and Comptroller Scott Stringer announced.

Lawmakers approved a Golden State Stimulus that provides relief to businesses and $600 checks to low-income residents on the strength of an earlier-reported surplus.

Dallas Federal Reserve President Robert Kaplan said he is among policy makers estimating that the central bank will have to raise interest rates next year.

Alan Rubin of Blank Rome Government Relations examines the Texas grid fiasco and resilience concerns nationally, including California and the Northeast. Paul Burton hosts. (17 minutes)

The economy seems to be gathering steam, though it is still far from fully recovering from the damage wrought by the pandemic, Federal Reserve Chairman Jerome Powell said.

Monday’s economic data suggested weakness, with existing home sales declining for the first time in four months and the Federal Reserve Bank of Chicago’s National Activity Index slipping into negative territory, but economists are not concerned.

The legislature's GOP-controlled Joint Finance Committee will craft a two-year capital plan after rejecting Gov. Tony Evers' $2.4 billion plan for only the second time in recent history.