News and Information from Bond Buyer

Current economic circumstances warrant a great deal of accommodation "for some time," especially given the "substantial and serious miss" on price stability, Federal Reserve Bank of Chicago President and Chief Executive Officer Charles L. Evans said Wednesday.

California revenues exceeded expectations during the month of March, according to a recent report from State Controller John Chiang.

The Massachusetts Bay Transportation Authority, which operates Greater Boston's mass transit system, intends to sell $200 million of senior sales tax bonds.

Tender option bond market participants have two options available to keep those programs viable under the Volcker Rule, though neither is without risk or likely to please everybody with an interest in TOBs.

Detroit announced its first significant bankruptcy settlement, agreeing to pay insurers of its unlimited-tax general obligation bonds 74 cents on the dollar and to treat the debt as secured in the future.

A flat revenue forecast will not slow Hawaii's efforts to bolster reserves and prepay other post-employment benefits, said the state's finance director, Kalbert Young.

Weaker than expected economic activity was due in part, but not completely, to "unusually severe winter weather," resulting in a decrease in lowered projections for near-term output growth, according to minutes of the March 18-19 Federal Open Market Committee meeting.

While it was agreed that forward guidance had to change since the 6.5% unemployment threshold was in jeopardy of being breached, Federal Open Market Committee members chose to describe the panel's like reaction to economic events rather than add "new quantitative language," according to the minutes of its latest meeting, released Wednesday.

Illinois' future credit standing hangs in the balance as state lawmakers weigh the 2015 budget and whether to accept Gov. Pat Quinn's recommendation to make permanent an expiring income tax hike, Standard & Poor's said in a special commentary.

In Memphis, Tenn., and Atlanta, major airport-centered economic development plans anticipate using innovative and traditional financing.

The Treasury Department auctioned $21 billion of 9-year 10-month notes with a 2 3/4% coupon at a 2.720% high yield, a price of 100.253350.

Detroit bonds backed by bond insurers strengthened Wednesday afternoon following a settlement between insurers and mediators in the city's Chapter 9 bankruptcy.

New York's budget leaves it at risk of becoming one of only five states that do not allow the use of design-build procurement to deliver public infrastructure projects.

Standard & Poor's Ratings Services said it raised by one notch to A-plus from A its school issuer credit rating on Charlotte Independent School District, Texas.

Intermediate and long-term municipal bonds' three-day rally hit a wall Wednesday as the market prepared for the minutes from the Federal Open Market Committee's most recent meeting.

The financial plight of Harrisburg, Pa., goes far beyond incinerator debt financing, according to a Widener Law professor who is running a conference on distressed cities.

Wholesale inventories increased 0.5% in February, the Commerce Department reported Tuesday.

Southern California Edison has snapped up Ron Nichols, who resigned in January from a position as general manager of the Los Angeles Department of Water and Power.

New York City Transitional Finance Authority received about $200 million of retail orders before its $760 million sale of future tax secured fixed-rate subordinate bonds.