City of Philadelphia, PA

ICI reported $704 million of inflows, a $1.1 billion drop from the week prior, bringing the total to $76 billion year to date.

With a lot of cash still needing to be put to work, the Investment Company Institute showed another large week of inflows at $1.814 billion.

ReThinkNYC, battling entrenched transit and real-estate interests in its call for a unified network, cites economic development gains and capital savings.

Goldman Sachs is lead managet for the issuance, which includes tax-exempt and taxable bonds.

A majority of the week's largest new issues priced at yields mostly at or around benchmarks as secondary trading did little to move scales. In economic data released Tuesday, the June consumer confidence index climbed, suggesting spending will rebound.

Making it a summer Friday, munis were quiet. Participants contemplate why the market underperformed taxables to the degree they did when fundamentals are objectively strong and little has changed since before the FOMC.

The city council is considering the city's budget, which gave preliminary approval to a roughly $5.2 billion spending plan that allocates $156 million for violence prevention programs. Council members expect to vote on the budget Thursday.

The short end of the yield curve faced pressure from a cheaper UST five-year. As the flattening trend in UST takes hold, demand for duration will also spill over into the tax-exempt space, with long-dated munis continuing to outperform, analysts say.

Mayor Jim Kenney called the latest rescue package the only funding source that can help with coronavirus-related revenue losses.

Jacqueline Dunn had held the interim position since last September.