Investments

On the policy front, the budget would allow large urban transit agencies to use federal capital grants for operating costs and gives states more private activity bond volume flexibility for housing.

Fitch said the action "reflects the recent enactment of legislation clarifying the future operational profile of the district," formerly controlled by Disney.

Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.

The $750 million in state grants will go to eligible local government public pension funds that have funded ratios under 60%.

The bill passed through the committee on a 21 to 17 vote, over fierce Democratic opposition.

The state approved further cuts next year with provisions for possible additional cuts annually, starting in 2025, paving the way for the elimination of the personal income tax.

The income tax filing deadline for 51 of California's 58 counties was moved to October, which means the usual April read on revenues may be less informative.

Opponents warned the measures could roll back 10 years of state efforts to improve funding for the Kansas Public Employees Retirement System.

Outflows lessened, with the Investment Company Institute reporting investors pulled $344 million from mutual funds in the week ending March 1, after $1.148 billion of outflows the previous week.

Voters in several Vermont cities approved capital proposals backing wastewater system improvements.

After a brisk 2021 that saw a record number of P3 deals reach financial close, last year slowed to only 16 closings, according to Husch Blackwell's sixth annual P3 trends report.

Wildfires in western states are becoming more severe and costing more to fight.

With strong reserve levels, states will be able to weather a revenue shortage this year, analysts said.

Nossaman renames its pension practice to reflect a broader service offering as Michelle McCarthy comes on board.

A U.S. default would trigger a cascade of downgrades, including of municipalities, Moody's Analytics says.

State Treasurer Dale Folwell said he backs the intent and purpose of the bill, which is supposed to make the bond issuance process more transparent.

Disruptions and dislocations associated with more volatile business cycles have already created opportunities for active fixed income management, as the dramatic interest rate increase of 2022 illustrates.

The two-year UST is now a full point above the 10-year UST, something that hasn't happened since 1981.

East Rutherford is suing the project's developer, saying it has missed millions of scheduled payments in lieu of taxes. American Dream's owners disagree.

Passing the Affordable Housing Credit Improvement Act could boost housing bond issuance.