News and Information from Bond Buyer

A half-fare subsidy for lower-income persons would further strain New York City’s budget, transportation Commissioner Polly Trottenberg told a City Council panel.

New Jersey Gov. Chris Christie signed legislation Monday allocating $400 million from the state's Transportation Trust Fund for immediate road, bridge and transit projects in the current fiscal year.

Kansas City, Missouri’s $800 million request is the biggest bond measure on April 4 ballots in Midwestern states, where voters will decide the fate of more than $2 billion of municipal borrowing requests.

Two more rate hikes this year seems right, Federal Reserve Board Vice Chair Stanley Fischer said in a televised interview.

The Treasury Department auctioned $34 billion of five-year notes, with a 1 7/8% coupon, a 1.950% high yield, a price of 99.644349.

Although the economy and labor market continue improving, challenges remain, and monetary policy may not be the answer, Federal Reserve Board Chair Janet Yellen said Tuesday.

Top-quality municipal bonds were unchanged at mid-session, traders said, as more supply hit the market, topped by the institutional pricings of the Connecticut and San Jose deals.

How might infrastructure initiatives from President Trump affect state and municipal issuers, and the capital markets? John Hallacy and Paul Burton discuss.

The Treasury Department Tuesday auctioned $20 billion of 364-day bills at a 1.025% high yield, a price of 98.963611.

The Treasury Department Tuesday auctioned $55 billion of four-week bills at a 0.745% high yield, a price of 99.942056.

Texas service sector activity "grew in March," according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index grew to 15.2 from 14.1.

Indicator Last Report Forecast Actual Consumer Confidence Feb.: 116.1 March: 113.9 March: 125.6

Service sector activity "continued to improve in March," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturers in the central Atlantic region "were generally upbeat in March," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index rose to 22 in March from 17 in February.

The consumer confidence index increased to 125.6 in March from a revised 116.1 last month, The Conference Board reported Tuesday.

Municipal bond traders are set to see more supply hit the market on Tuesday, topped by the institutional pricings of the Connecticut and San Jose deals.

Home prices in 20 U.S. cities rose 5.9% in the 12 months through January, setting a 31-month high, according to S&P CoreLogic Case-Shiller data reported Tuesday.

Mar. 28, 2017 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA-/NR 0.91 1.7 2.48 3.3 Arkansas Aa1/AA/NR 0.87 1.65 2.41 3.22 Colorado Aa1/AA/NR 0.89 1.69 2.47 3.29 Kansas Aa2/AA/NR 0.89 1.68 2.48 3.29 New Mexico Aa1/AA/NR 0.88 1.63 2.38 3.19 Oklahoma Aa2/AA/AA+ 0.88 1.71 2.48 3.29 Texas Aaa/AAA/AAA 0.88 1.67 2.46 3.25 Utah Aaa/AAA/AAA 0.86 1.58 2.28 3.07

3/27/2017 3/20/2017 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 3 $115,060 5 $167,495 -$52,435 Arkansas 2 12,485 0 0 12,485 Colorado 4 88,005 8 154,016 -66,011 Kansas 4 30,150 6 56,550 -26,400 New Mexico 1 11,500 1 12,500 -1,000 Oklahoma 24 134,930 21 250,610 -115,680 Texas 30 378,986 28 486,791 -107,805 Utah 1 9,755 2 82,990 -73,235

Tuesday, March 28 Issuer St Description Amount