Mortgages

Lawmakers approved the first $500 million for the program as a trailer bill to the fiscal 2023 budget. Bonds may be used to fill the gap.

Maui County's mayor now has to approve or veto the budget before the start of the fiscal year on July 1.

Ten states, includeing five in the Southeast, pre-pandemic employment levels in January, according to Fitch Ratings. In an update, the U.S. Labor Department reported Florida’s seasonally adjusted unemployment rate fell to 3.3% in February.

Market volatility has risen significantly, particularly in the last several weeks, with daily Treasury yield swings of 10 basis points or more becoming the norm with municipals struggling to stabilize.

Buyers appeared to return to the market the past two sessions after the January correction moved yields and ratios higher. Secondary trading was up again on Wednesday and new deals were well-received.

Munis followed UST weaker while stocks sold off after the employment report, which offered many messages. Analysts believe the bottom line is the Fed will liftoff in March.

“Our state’s strong economic recovery has accelerated back to pre-pandemic levels for unemployment and GDP,” said Gov. Bill Lee.

The weaker-than-expected employment report sent U.S. Treasury yields lower and equities sold off. Munis did what they've been doing — mostly ignored it.

The Investment Company Institute reported $974 million of inflows into municipal bond mutual funds in the week ending Nov. 23, down from $1.430 billion in the previous week.

The Build Back Better Act contains provisions that could help states finance additional affordable homes.

State economies are generally stronger than anticipated in the first half of 2021.

By lowering the amount of private activity bonds needed to finance low-income housing, the provision would free up PABs volume for other projects.

The long end of the municipal curve rallied under a backdrop of stronger-than-expected October jobs data and upward revesions to the prior two months ahead of the arrival of $9.6 billion next week.

The Illinois Municipal Electric Agency will have paid off its debt by the time the Prairie State Energy Campus faces an emissions deadline to avoid an early decommissioning under new Illinois clean energy mandates.

Municipals outperformed the move in taxables Friday but weakness hangs over the market as fund flows lessen and supply increases. Taxable munis may be keeping exempt rates from moving higher.

ICI reported $704 million of inflows, a $1.1 billion drop from the week prior, bringing the total to $76 billion year to date.

Mayors are urging Congress to preserve major housing support in the reconciliation bill.

In both states, jobs have recovered past where they were prior to last March when the pandemic hit the U.S.

The rating agency elevated the agency's energy housing and economic recovery bonds to Aa3.

Better-than-expected job gains, a rising UST complex and an increase in supply to test municipals' resolve.