Public finance

Both IG and HY indices will likely end this year richer versus USTs and their benchmarks, "leaving very little cushion to absorb rate volatility," said Barclays strategist Mikhail Foux.

The resolution marks the end of a yearslong lawsuit.

"It's an unfortunate part of doing business," said an investor.

San Francisco's "tepid" recovery from the pandemic was cited by Fitch.

The public finance community remembers President Jimmy Carter's pivotal roles in the near bankruptcy of New York City, deregulation of the transportation industry, and his contributions to state and local governments.

The $33 billion funding gap in the authority's five-year capital plan is too big, the Senate majority leader and Assembly speaker said in a rejection letter.

While Friday's muni session was muted, the damage of a volatile UST market, paired with low new-issue supply and year-end positioning, has weighed on the asset class in December.

A decline in debt service coverage drove S&P's four-notch downgrade for Salinas, California, sewer revenue debt, which it placed on CreditWatch negative.

Kotek has spent the past month working on a very busy agenda involving housing, fires, transportation and construction labor agreements.

High-yield funds saw outflows of $413.6 million compared to the previous week's outflows of $71 million.

The Federal Open Market Committee cut the fed funds target again in December but signaled fewer cuts in 2025. There was some dissent. The markets are watching to see if the Federal Reserve pauses its easing cycle in January. Brian Rehling, head of global fixed-income strategy at Wells Fargo Investment Institute, recaps and parses the previous day's FOMC meeting and Fed Chair Jerome Powell's press conference.

Six Texas cities sued the state comptroller over a rule that altered where sales taxes would be collected on certain online purchases.

The battle over ESG investing is spreading in the Midwest, with the recent passage of an Ohio law and a decision by the Indiana Public Retirement System.

Analysts are unsure what the Federal Open Market Committee will do with monetary policy in 2025. The panel projects two rate cuts, but some analysts expect more, and others see fewer.

A new law and constitutional amendment will restrict how fast property tax bills can rise on homestead properties, impacting local governments.

In the remaining days of this year, "taxable rates continue to be pressured but munis are finding a stable, even supportive, bidside," said Kim Olsan, a senior fixed income portfolio manager at NewSquare Capital.

Moody's Ratings said the 2025 budget that passed Chicago's City Council this month won't materially alter the credit profile of the city, which it rates Baa3.

Howard Jarvis Taxpayer Association has until the end of January to file briefs in its case challenging San Jose's pension obligation bond validation.

The Trump administration will bring a shift in infrastructure priorities.

Several metropolitan districts, which finance public infrastructure for housing developments, tapped contingent liquidity for debt service payments this month.