Commercial banking

The insurance market going into the Jan. 7 catastrophe already had been hit with non-renewals and cancellations -- and an overburdened state-supported insurance plan. A Morningstar analyst said the state insurance commissioner's reform strategy could have turned it around but now faces new obstacles.

OMB director nominee Russell Vought said he supports allowing the president to redirect funding away from state and local governments, bypassing the congressional appropriations process.

Because of the disaster, income tax filing deadlines for Los Angeles County residents will be delayed to October, muddying the revenue picture for the state.

The former congressman from Wisconsin saw bipartisan support Wednesday during a friendly Senate confirmation hearing.

The bonds — $824.8 million tax-exempt and $400 million taxable — follow Orlando Health's major acquisitions of hospitals in Alabama and Florida.

Daily report for January 16, 2025

Borja Perez is Vice President, Product Delivery, at CloudPay, the leader in global payroll and payment solutions. Perez began his career at PwC before working for other global organizations, including IBM and ADP. He has worked with CloudPay since 2020 and is presently involved in shaping the modern pay experience for the global network of businesses with whom the firm partners.

The Fed may make more cuts and there's a floor forming under the Treasury market, per panelists at the Executives' Club of Chicago's Annual Economic Outlook.

Municipals are underperforming USTs month-to-date, with the Bloomberg Municipal Index showing losses of 1.02% versus 0.92% for USTs as of Tuesday, but both are outperforming losses in corporates that are seeing 1.23% losses in January.

Ross Morera is the Senior Director of Customer Experience at Solera

S&P Global Ratings downgraded Chicago's general obligation debt to BBB from BBB-plus, saying the 2025 budget fails to address a structural imbalance.

Cory Teller is a principal with UHY, providing project and change management and operational excellence solutions.

The Goldwater Institute took aim at another Arizona municipality, filing a lawsuit against tax rate hikes approved by the Gilbert Town Council in October.

Ohio is facing steeper than projected declines in cigarette smoking, and thus in tobacco settlement revenues, and disputes from tobacco giants over payments.

Airys puts "local governments in a position of knowledge and, therefore, action," said Columbus, Ohio, City Auditor Megan Kilgore, an advisor to the students.

Lawsuits surrounding everything from unethical sponsorships to the sale of refunding bonds swept across markets last year, creating a municipal battleground.

Daily report for January 15, 2025