New York City Transitional Finance Authority

Outflows continued as investors pulled $4.532 billion from mutual funds in the week ending Oct. 12 after $5.172 billion of outflows the previous week, according to the Investment Company Institute.

Brad Lander says using municipal bonds could be one way to help move recent immigrants into mainstream society and provide a long-term economic boost to the city.

Outflows from municipal bond mutual funds continued as investors pulled $1.180 billion out of funds in the latest week, according to Refinitiv Lipper data.

The Investment Company Institute reported $230 million of inflows into muni bond mutual funds in the week ending August 17. ETFs see second week of outflows.

Investors will be greeted Monday with a decrease in supply with the new-issue calendar estimated at $6.711 billion, down from total sales of $10.318 billion.

"Demand for low-duration tax-exempts has been so strong that short maturity benchmark yields are now lower than the after-tax yields for comparably rated benchmark taxable muni and corporate bonds," said CreditSights strategists Pat Luby and John Ceffalio.

The Investment Company Institute reported investors pulled $4.590 billion from muni bond mutual funds in the week ending June 22, down from $6.243 billion of outflows in the previous week.

The final budget sets aside about $8.3 billion in budget reserves, which bring them to the highest level in the city's history.

The recommendation would build reserves toward a target of 16% of tax revenues in order to prevent drastic service cuts during a recession.

Improving tax revenues allowed the mayor to increase the size of his spending proposal while keeping the budget balanced.