News and Information from Bond Buyer

The federal funds rate target was left unchanged at 0.25% to 0.50% by the Federal Open Market Committee, according to its statement released Wednesday, which hinted at coming rate hikes by saying risks to the short-term outlook have "diminished."

Leon County, Fla., home of the state capital in Tallahassee, will offer a new countywide residential and commercial PACE programs after years of planning and legal setbacks.

PHILADELPHIA — After the presidential election, the United States may see a "golden moment" to push for increased federal and state spending to fix America's crumbling infrastructure, according to Democratic mayors speaking a policy meeting at Philadelphia on Tuesday.

Munis were slightly stronger on Wednesday afternoon, as one large deal hit screens, while most market participants are waiting for the Federal Open Market Committee's announcement on interest rates.

Puerto Rico won't set aside money to pay general obligation debt and will set up an emergency spending fund, under bills signed by Gov. Alejandro García Padilla.

The Treasury Department Wednesday auctioned $15 billion of two-year floating rate notes with a high discount margin of 0.174%, at a 0.174% spread, a price of 99.999999.

The New Jersey State Senate is pressing ahead with a new gas tax bill to replenish the state's Transportation Trust Fund despite opposition from Gov. Chris Christie.

Strong municipal performance, supply scarcity, and seasonal factors will draw retail investors to New York City's $860 million general obligation sale.

S&P Global Ratings said it has lowered its ratings on Virgin Islands Water and Power Authority's (WAPA) electric system revenue bonds, with the senior-lien debt dropping to BB-plus from BBB-minus, and the rating on the authority's subordinate-lien debt falling two notches to BB-minus from BB-plus.

Indicator Last Report Forecast Actual Durable Goods Orders May: -2.8% June: -1.1% June: -4.0% ex-Trans May: -0.4% June: +0.3% June: -0.5% Pending Home Sales May: -3.7% June: +1.8% June: +0.2%

Pending home sales increased 0.2% to an index reading of 111.0 in June, after an unrevised 110.8 reading in May, according to a report released Wednesday by the National Association of Realtors.

Moody's Investors Service said it has downgraded the village of Oak Park, Ill.'s general obligation rating and sales tax revenue rating to A1 from Aa3 affecting $85 million in rated debt.

The Rhode Island Health and Educational Building Corp. reported saving $13.4 million in its $86.4 million bond refunding for public schools.

The primary market will be relatively quiet on Wednesday as market participants will be waiting for the Federal Open Market Committee's announcement on interest rates.

Wednesday, July 27 Issuer St Description Amount

Wednesday, July 27 Issuer St Description Amount

Week Of July 25 Issuer St Description Amount

Jul. 27, 2016 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa2/BBB+/BBB+ 1.24 2.63 3.25 3.92 Indiana Aaa/AAA/AA+ 0.52 0.94 1.57 2.27 Iowa Aaa/AAA/AAA 0.52 0.93 1.57 2.27 Michigan Aa1/AA+/AA 0.56 1 1.65 2.37 Minnesota Aa1/AA+/AA+ 0.53 0.9 1.5 2.16 Missouri Aaa/AAA/AAA 0.52 0.87 1.46 2.16 Nebraska NR/AAA/NR 0.52 0.96 1.62 2.35 North Dakota Aa1/AA+/NR 0.55 1 1.65 2.35 Ohio Aa1/AA+/AA+ 0.54 0.98 1.6 2.3 South Dakota NR/AA+/AAA 0.54 0.96 1.65 2.37 Wisconsin Aa2/AA/AA 0.55 0.98 1.59 2.27

7/26/2016 7/19/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 6 $1,014,810 4 $61,055 $953,755 Indiana 10 575,320 7 576,695 -1,375 Iowa 1 6,700 3 5,610 1,090 Michigan 4 15,005 4 692,820 -677,815 Minnesota 18 188,225 29 172,485 15,740 Missouri 1 14,500 1 22,970 -8,470 Nebraska 1 119,650 0 0 119,650 North Dakota 1 7,745 0 0 7,745 Ohio 9 328,165 9 829,395 -501,230 South Dakota 0 0 0 0 0 Wisconsin 15 1,020,015 16 198,740 821,275

CONNECTICUT