Investments

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.

The Arizona Board of Regents adopted a report recommending greater oversight of its three universities after the University of Arizona hit financial trouble.

"The city's commitment to making the tough, but necessary, decisions to get on the path to financial prosperity is commendable," said Department of Community and Economic Development head Rick Siger.

Muni yields fell up to five basis points and dramatically underperformed USTs, as they are wont to do on FOMC days. Treasury yields fell as much as 29 basis points on the two-year and sent the 10-year down closer to the 4% threshold.

Ohio last week opened the first, and so far only, electric vehicle charging station funded under the Bipartisan Infrastructure Law.

Governor Youngkin announced a proposal to move the NHL's Washington Capitals and the NBA's Washington Wizards out of D.C.'s Capital One Arena to Virginia.

Taxpayers will get refunds in April, if the legislature approves the deal.

A project to build a new arena for the NBA's Oklahoma City Thunder will move forward after voters approved the extension of a sales tax.

The budget proposal includes $455 million for the Florida Division of Bond Finance to redeem, defease or purchase outstanding state bonds.

The appeals court grants an expedited schedule to the appeal.

The municipal bond rally has brought two big Illinois issuers into the market with plans to sell refunding bonds this week.

Issuers should "absolutely be issuing if possible; the end of year outlook is positive on the surface but substantial volatility lies just below and could arrest or interrupt what have been easier primary market conditions," said MMA's Matt Fabian.

Joe Ferguson, who served as Chicago's inspector general under three mayoral administrations, replaces Laurence Msall, who died earlier this year.

Washington Gov. Jay Inslee announced the state would use better-than-expected carbon-pricing revenues to accelerate the state's climate change efforts.

"The city cannot provide everything to everyone. But it can thrive and help our most in-need neighbors if it prioritizes key services, relentlessly manages them to get results, and operates effectively and efficiently," said the CBC's Ana Champeny.

The Plan of Action for Regional Transit asks lawmakers for $1.5 billion of new operating support for transit and at least $400 million annually of complementary capital investments.

Justin Cooper, Orrick's co-head of public finance, breaks down how states like Oregon, Washington and California are funding efforts to lessen their affordable housing and homelessness crises. Keeley Webster hosts (24 minutes)

The Federal Open Market Committee's Summary of Economic Projections probably won't offer the 130 basis points of cuts next year that the market expects.