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.