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With fears of further Fed hikes subsided, Birch Creek strategists said with "loads of cash still sitting on the sidelines, and expectations that cash will no longer earn 5%+, we believe the muni market will benefit in 2024 from a return of investors looking to allocate to the asset class."

Administering Covid relief funds was hampered by communication hurdles

The Municipal Securities Rulemaking Board's request for comment on Rule G-12(c) on inter-dealer confirmations should eliminate the provision altogether as many of its applications have been rendered obsolete.

The stars are starting to align for the long-awaited bridge replacement which received a $600 million federal grant toward the project expected to cost up to $7.5 billion.

The Federal Open Market Committee meets Dec. 12 and 13 and in addition to their statement, they will issue a Summary of Economic Projections.

The nation's fourth-largest city will have new officials at the helm of its government and finances for the first time in eight years.

Brace for an unpredictable year in community finance, where a confluence of global turmoil, mandatory tech advancements, legislative implementation, and potential political upheaval collide with an already fragile insurance market.

State bonds are a key part of the two-state plan to replace the aging Blatnik Bridge, but officials are also seeking more than $1 billion in federal grants.

Daily report for December 18, 2023

Triple-A yields fell up to five basis points Friday while USTs were mixed. Munis still underperformed taxables on the week, but the setup for the asset class going into yearend is decidedly positive.

S&P believes the state has sufficient liquidity and reserves to weather the shortfall, but analysts are not seeing the structural steadiness it had that led to the positive outlook, said lead California analyst Oscar Padilla.

The muni market finances the "fabric of our nation, and now, because of Citi's exit, the cost of financing for state and local governments is going to go up," a sell-side source said.

Over a billion dollars of project revenue bonds would support the project

The $250 million of new money social bonds will finance public school construction projects, with another $190 million refunding debt issued to build schools.

Federal Reserve Bank of New York President John Williams said it's too early for officials to begin thinking about cutting rates as soon as March as they consider whether policy is restrictive enough to get inflation back to 2%.

The experts, hired by bond parties, say the Oversight Board's economic and expense assumptions underlying its plan of adjustment are too pessimistic.

Daily report for December 15, 2023

After months of speculation, the firm confirmed it would "wind down" its municipal underwriting and market-making activities after a "broad-based review" of its muni business, according to a company memo.

Secondary trading showed clear strength across the yield curve Thursday with bellwether names trading up significantly from recent prints and original pricing levels. New-issues in the primary benefited with issuers repricing to lower yields and tight to triple-A curves.

The deal includes $300 million of new money to embark on a $1.4 billion five-year capital plan.