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The governor outlined what he called a balanced budget, though the revenue shortfall has grown by $9.3 billion to $31.5 billion since January.
May 12
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Investors will be greeted Monday with a new-issue calendar estimated at $6.018 billion with a few bellwether, triple-A names coming from Loudoun County, Virginia, Frederick County, Maryland, and Columbia University with sizable deals.
May 12
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Illinois trimmed revenue estimates for the current fiscal year and must absorb higher social services expenses next year leaving less budget room to maneuver.
May 12
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The U.S. Supreme Court ruled against a journalist group seeking the release of a wide range of Puerto Rico Oversight Board information, which may have had an impact on the PREPA bankruptcy proceedings.
May 12
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Despite a slump in state revenue figures, a Massachusetts Senate committee approved tax relief along the same lines Gov. Maura Healey proposed earlier.
May 12
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UBS will compensate a Texas school district, which was forced to resell bonds after the state attorney general rejected the investment bank's contract to purchase the debt.
May 12
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Banks reduced their quarterly muni holdings during the first quarter at the fastest rate in 20 years, per Municipal Market Analytics.
May 12
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"We are seeing strength in the securities, transportation and warehousing and office sectors," New York State Comptroller Thomas DiNapoli said "but retail, restaurants, construction and tourism continue to lag the national recovery."
May 12
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President Biden will ask the Senate to confirm Gov. Philip Jefferson for the No. 2 spot on the Federal Reserve Board; World Bank Group executive and Colombian-American Adriana Kugler for a vacant board seat; and Gov. Lisa Cook for a full term.
May 12
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A proposed IRS regulation boosts the amount of bonds that can be guaranteed by nearly 86% to about $218 billion.
May 12 -
The measure, which passed both legislative chambers in lopsided votes, would strip the governor of his sole ability to appoint turnpike board members.
May 12
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Fitch said its upgrade of Kentucky's IDR "reflects material improvements to Kentucky's fiscal reserves since 2020 as a result of improved budgetary discipline.
May 12
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"Our ratings reflect the progress the city has made over time on important issues like rebuilding reserves and improving the health of our pension fund," said Philadelphia Treasurer Jackie Dunn.
May 12
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The Federal Reserve meeting May 2-3 will be closely watched for hints about what the FOMC's next move is. Join BNP Pariba U.S. Economist Yelena Shulyatyeva at 11 a.m. May 4 as she takes a look at the meeting and Chair Powell's press conference.
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Outflows were seen again from municipal bond mutual funds, though they lessened this week as Refinitiv Lipper reported $101.664 million was pulled as of Wednesday.
May 11
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The choice of PFM's Jill Jaworski for the CFO position drew praise from the outgoing CFO and market participants who are watching closely to see whether the city stays on track with fiscal progress that has drawn more than a dozen rating upgrades across credits.
May 11
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The SEC recently brought its first ever enforcement actions for violating its limited offering exemption, and market participants are beginning to tighten up their policies and procedures in response.
May 11
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The Federal Reserve Board governor said adopting policies on climate change are not necessary and risk hurting the central bank's credibility.
May 11
