Investments

"You would think global instability leads to flight for quality, but you also have the inflationary pressures that come with higher oil prices. I would say the inflationary pressures have been winning, and that's why you're seeing Treasury and muni rates move higher," said Keith Richard, head of public finance at Siebert Williams Shank.

The current lateral recruiting marketplace for public finance attorney talent is "highly competitive," according to Nixon Peabody's Julie Seymour.

The weakness in fixed-income markets comes after stocks and bonds saw strength Monday following President Donald Trump's announcement of a five-day pause on strikes on Iranian power plants amid talks between the two countries.

José Torres, senior economist at Interactive Brokers, breaks down the FOMC decision and Fed Chair Jerome Powell's press conference.

The AA-minus-rated bonds come to market as the hospital sector continues to navigate through rising expenses and other challenges.

"We are in interesting times as the market must now balance these robust technicals against a backdrop of geopolitical tension in the Middle East and the nomination of Kevin Warsh, whose hawkish reputation is already being weighed by participants," said Jason Wong, vice president of municipals at AmeriVet Securities.

Otero County's March 13 emergency meeting to avoid a bond default did not comply with the Open Meetings Act, the state's Justice Department determined.

Three rating agencies now have negative outlooks on New York City. 

"The secondary infrastructure demands [of data centers] will increasingly flow through to municipal balance sheets, driving incremental issuance across multiple sectors," said J.P. Morgan strategists.

A fatal crash and closure at New York's LaGuardia Airport adds to the list of transportation hurdles that includes a jump in jet fuel prices, and travel delays due to a lapse in TSA funding.

While it's unclear how long the war in the Middle East will drag on, once President Donald Trump announces an end to the war, things could change "on a dime," as happened with the tariff-induced volatility in April 2025, said Peter Block, managing director of credit strategy at Ramirez.

Nebraska Gov. Jim Pillen called on state lawmakers to act after the state's 2025-27 biennium budget bill fell short of a cloture vote on Thursday.

Nevada Treasurer Zach Conine is urging Congress to pass legislation for the automatic and timely refunding of "illegal tariffs."

Findings from The Bond Buyer's 2026 Predictions report predict funding crises in these market sectors will be a top worry for municipal finance pros.

"Looking at where oil was and the potential for disruption, and this being tax season and issuers having to pull deals, there's no reason why yields wouldn't have been higher," said Matt Fabian, president of Municipal Market Analytics.

Some states and local governments "went on spending sprees" with pandemic funds and "got ratings upgrades that didn't have a lot to do with fiscal management," said an investor.

San Juan Unified says it has saved $636 million on debt service over the years by keeping down maturities at the long end of GO bond issues.

With front-end rates off so much Thursday morning, "liquidity providers backed off noticeably in the morning in terms of bid with offers slow to follow," said Matt Smith, founder and CEO of Spline Data, noting it was likely a response to elevated bids wanted counts, along with rates.

The MINT Act, which would enable Federal Home Loan Bank members to issue tax exempt bonds is working its way through committees in both House and Senate.

A Fitch rating analyst pointed to the school system's elevated long-term liability burden that could be exacerbated by future voter-approved bonds.