
Orrick at 150

Golden Gate Bridge

Bay Bridge

Stanford University

BART

Shasta Dam

San Francisco City Hall

Moscone Convention Center

Thanks to strong technicals and the anticipated interest rate cut by the Federal Reserve at its September meeting, municipal bonds posted positive returns of 0.87% in August, reversing their losses of 0.20% in July, according to Jason Wong, vice president municipals at AmeriVet Securities.
"As soon as you step back from the table, you may wind up on it," NABL's chief policy officer said.
Aleon Metals, along with its subsidiaries, which sold more than $300 million of tax-exempt revenue bonds since 2019, filed Chapter 11 bankruptcies in August.
"Another set of eyes helps improve the deal for everybody, including the borrower, because the borrower is going to want a successful venture too," said John Miller, head and chief investment officer of First Eagle's municipal credit team.
Special budget sessions, falling tax revenues and provisions in the One Big Beautiful Bill Act are combining with tariffs and cuts to the federal workforce to create headaches for the states.
Issuance year-to-date is at $386.689 billion, up 14.9% from $336.478 billion over the same period in 2024.