News and Information from Bond Buyer

Bill Baroni and Bridget Anne Kelly, former allies of New Jersey Governor Chris Christie, are headed to prison for their roles in a politically motivated plot to create traffic jams near the George Washington Bridge in the scandal known as Bridgegate.

Government

The Rhode Island Commerce Corp. and the Securities and Exchange Commission filed a joint motion in Rhode Island federal court on Wednesday asking the presiding judge to approve a final settlement over the RICC's involvement in a fraudulent private placement.

Top shelf municipal bonds finished unchanged on Wednesday, according to traders, as more supply hit the market on Wednesday, topped by a turnpike deal from New Jersey Turnpike Authority and a housing sale from New York City.

Chicago will forgo a private financing arrangement and instead reach into its own pockets to finance a $160 million overhaul of its streetlight system.

Texas highway commissioners have added 230 projects costing $9 billion to the state’s 10-year road plan.

Atlantic City's redevelopment effort appears to be gathering momentum following a "lost decade" that featured the closing of five casinos, a housing crisis and major recession, according to a new bi-annual report released Tuesday by the South Jersey Economic Review.

With the dual mandate in sight, the Federal Reserve needs to determine how to sustain the recovery, Federal Reserve Bank of San Francisco President and CEO John C. Williams said Wednesday.

The Treasury Department auctioned $28 billion of seven-year notes, with a 2 1/8% coupon and a 2.215% high yield, a price of 99.419378.

City Colleges of Chicago took a fresh rating hit this week over strains posed by the state’s prolonged budget impasse.

All Aboard Florida is assuring supporters of the private passenger train project that it will move forward despite the sales of its owner and an affiliate and pending legislation that the company says could jeopardize expansion plans.

Connecticut's $743.4 million general obligation bond sale attracted $186 million in retail orders, according to state Treasurer Denise Nappier's office.

Municipal bond traders received more deals to work with, as a big deal from a New Jersey issuer hit screens on Wednesday.

The Treasury Department Wednesday auctioned $13 billion of one-year 10-month floating rate notes with a high discount margin of 0.109%, at a 0.140% spread, a price of 100.057148.

Four rate hikes this year, one at every other meeting, would still be a gradual rate of increase, Federal Reserve Bank of Boston President and CEO Eric S. Rosengren said Wednesday.

Indicator Last Report Forecast Actual Pending Home Sales Jan.: -2.8% Feb.: +2.0% Feb.: +5.5%

A $217.7 billion budget that would require more local revenue for school funding won unanimous approval from the Texas Senate. The budget must now be reconciled with the House version.

Pending home sales increased 5.5% to an index reading of 112.3 in February, after an unrevised 2.8% drop to 106.4 in January, according to a report released Wednesday by the National Association of Realtors.

Municipal bond traders are set for more supply to hit the market on Wednesday, topped by a big deal coming from the New Jersey Turnpike Authority.

Inflation will slowly move toward the Federal Reserve's 2% target, and for the first time in a long time, risks to growth are more on the upside, Federal Reserve Bank of Chicago President Charles Evans said Wednesday.