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Daily report for September 20, 2024

While the municipal market barely budged following the Fed's decision to cut rates 50 basis points, Thursday saw muni yields rise up to two basis points, depending on the scale, but still lagged the weakness in USTs. LSEG Lipper reported $716 million of inflows into municipal bond mutual funds.

The Fed's 50 basis point cut surprised many, as a looming federal election and all the uncertainty that brings complicates efforts at forecasting.

The product is designed to give SOLVE's customers visibility into "next-trade" pricing data for more than 900,000 munis.

After getting positive outlooks from three rating agencies since 2023, Oklahoma received its first upgrade.

The agency cited a sustained commitment to healthy reserves and structural balance.

The plan involves building modern infrastructure and streamlining government operations and delivery of services.

The city of Clyde defaulted in August and recently revealed it used debt proceeds for debt payments in a manner that "disguised the deficit cash flow."

The record pace of municipal bond supply this year is driven in part by cities and states realizing projects won't get any cheaper if they wait.

The Office of Tax-Exempt Bonds has been staffing up, IRS officials said at the National Association of Bond Lawyers conference in Chicago.

The ratio of local government municipal debt to GDP in aggregate has fallen to around 10% from 20% in 2010.

Florida's official outlook indicates the state government faces a $10 billion deficit by mid-2028 without major tax and spending changes.

The University of the Arts, a private college in Philadelphia that abruptly closed its doors in June, filed for Chapter 7 bankruptcy.

Daily report for September 19, 2024

The competitive sale comes as the market prepares for a very New York-heavy week next week in the primary.

"We, the city of Philadelphia proper, we can't do it alone," Parker said in a keynote address at The Bond Buyer Infrastructure conference Tuesday. "We are grateful to our state and our federal partners, as well as the bond market."

For municipals, Wednesday "marks a crucial step forward, perfectly aligned with the current risk landscape," said James Pruskowski, chief investment officer for 16Rock Asset Management.

The Republican presidential nominee reverses course on his own policy

"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.

Up to $182 million of bonds will be issued by a city of Frisco entity to renovate Toyota Stadium, home to Major League Soccer's FC Dallas.