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S&P said the proposed budget represents a step in the right direction but it will weigh the final budget and other developments before acting on its BBB-minus rating.

Municipal bond mutual funds took notice of rate movements with Refinitiv Lipper reporting $37 million of inflows after 15 weeks of multi-billion inflows, the lowest since Dec. 2. High-yield funds took a big hit with $330 million of outflows.

Texas' failure to supply the power needed to save lives in a deep freeze is seen as threat to the state's recruitment of new business investment.

“There’s been absolutely no effort made to take this collection of ideas and price it out,” Mayor Mike Duggan said of proposals to change the city charter.

While U.S. growth is recovering quicker than expected amid the COVID-19 pandemic, the Federal Reserve is focused on supporting the labor market that is still in crisis after losing 10 million jobs, Atlanta Fed President Raphael Bostic said.

The shift was due mainly to the growth of separately managed accounts and other alternative ways that retail investors get involved in the market.

BATA brings a refunding deal to market next week, buoyed by a financial position that stood up to the stresses of the COVID-19 pandemic.

In a wide-ranging conversation, Manulife Investment Management Global Chief Economist & Global Head of Macroeconomic Strategy Frances Donald discusses the COVID pandemic, inflation, how the markets may be misreading the Fed, why economic indicators may not be telling economists what they need to know, ESG and green spending, and the economy. Gary Siegel hosts. (35 minutes)

Daily report for February 25, 2021.

The deal was the largest in the authority’s history, with the lowest ever interest rate for one of its sales and netting a record-breaking $112 million in interest cost savings.

The facility and a majority of bondholders agreed to a restructuring that aims to ease repayment problems not solved by the previous bankruptcy in 2016.

Global bond yield move suggests financial markets are much more optimistic about the economy than the Fed.

Senate Majority Leader Chuck Schumer and Sen. Bernie Sanders want a broader infrastructure bill to pass through the reconciliation process while other lawmakers plan a bipartisan push for surface transportation.

Senate Majority Leader Chuck Schumer, D-N.Y., said there’s an agreement among “mayors, governors, and economists from across the political spectrum” that a sizable federal effort is needed.

The governor wants the first full actuarial contribution in 25 years, spurring discussion about what else one of the nation's lowest-rated states should do.

Moody's affirmed the state's general obligation bonds at Aa3, and credited it with significant long-term progress in restoring financial reserves and liquidity.

New York State’s public sector entities have more than $300 billion of unfunded other post-employment benefit liabilities, which accounts for a quarter of the nation’s total of $1.2 trillion of other post-employment benefit debt.

Daily report for February 24, 2021.

Reimagining LGBTQ+ efforts at UBS for improving diversity in their recruitment process

High-grade deals priced and secondary trading showed bonds exchanging hands at yields higher than triple-A benchmarks in some cases, but a healthy two-way flow was evident, even if there are signals that yields have not yet hit a ceiling.