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Chris Johns and JT Thompson, portfolio managers at the Aquila Group of Funds talk about the possible return of a BABs-like program and if it’s good or bad news for the tax-exempt bond market. They also discuss infrastructure, tax-exempt advance refundings and monetary policy. (21 minutes)

Daily report for September 28, 2021

Federal Reserve Bank of Dallas President Robert Kaplan cited his desire “to eliminate any distractions” at the central bank just hours after his Boston Fed counterpart, Eric Rosengren, said he will leave earlier than planned because of a health issue. They had engaged in stock transactions that drew criticism in light of their knowledge about the Fed's pandemic response.

The high-grade muni scales saw cuts of up to four basis points in a continued selloff Monday as the market faces a robust slate of new issues.

The move could push the Plan of Adjustment, and debt restructuring, closer to the finish line, although the Senate president listed eight more concessions he wants.

A merger of Beaumont Health and Spectrum Health would form the largest system in Michigan with 22 hospitals and $12 billion of revenue.

Dan Hynes, who was a deputy governor in J.B. Pritzker's administration, will work in public finance and corporate investment banking at Jefferies.

The rising risks of climate change are more apparent as Texas' largest wholesale public power provider comes to market with $248 million of revenue bonds.

Goldman Sachs Asset Management, BlackRock, Lord Abbett, Morgan Stanley Investment Management and Vanguard have partnered with Loop Capital and Siebert Williams Shank to send a survey to issuers on racial equity and inclusion.

Congress this week will take up bills closely watched by the muni market, including infrastructure, budget and debt ceiling measures.

Bond ratings and other positive news of late could merely paper over warning signs of another fiscal cliff.

Eric Rosengren, the Federal Reserve Bank of Boston's president for 14 years, has been on a waiting list for an organ transplant since last year, the bank said in an email.

Daily report for September 27, 2021

While there is no formal deal between the board and the local government, the bill may ultimately serve as a comprehensive bargain.

Month-to-date returns for municipals are in the red with the Bloomberg Fixed Income Indices municipal index returning -0.12%, high-yield at -0.15% and taxables at -0.32%.

Public finance issuers are taking an increased interest in the applications of blockchain and distributed ledger technology, and it is entering the market in multiple ways.

Cities and representatives from the National Urban League said the infrastructure bill would be a huge boost for cities and underserved neighborhoods.

Gavin Newsom lauded the $15 billion approved by lawmakers for climate change, but transportation was left out in the cold.

Judge Swain said she would rule on Sept. 30 on extending the Oct. 4 deadline for voting.

William Estes has overseen multibillion-dollar design-build and infrastructure developments for government agencies in New York.