Public finance

The city's pensions funds for police officers, fire fighters, teachers, civil employees and school personnel, with a combined $274 billion in assets, returned 10% in the year through June, beating their 7% target, according to a news release Thursday from city Comptroller Brad Lander.

The proceeds will be used to finance replacement of the Calcasieu River Bridge.

"The Fed remains data dependent as always, but it now appears that the 'more good data' bar is not as high as it was before, particularly with labor market developments becoming more important," said Michael Gregory, deputy chief economist at BMO Economics.

California Gov. Gavin Newsom fast-tracked the first $3.3 billion of a bond measure approved by voters in March.

Successful roll-outs are countered by regulations and red tape.

The mayor and controller debated the causes for the rating outlook revision to negative from stable ahead of a July city bond sale.

Riedl First Securities Company of Kansas has been fined $15,000 by FINRA for charging unfair prices, violating MSRB Rule G-30 on fair pricing and MSRB Rule G-27 on supervision.

Issuance was lumpy in July, with three weeks of $10 billion issuance sandwiched between lower issuance due to the Fourth of July holiday at the start of the month and the FOMC meeting the last week.

Fitch upgraded Chicago's issuer default rating and GO debt rating to A-minus from BBB-plus and the city's sales tax securitization bonds to AAA from AA-plus.

States may need to look to Florida's catastrophe fund example as extreme weather increases, FEMA denies more requests and insurance becomes unprofitable in much of the Midwest.

Yields may move lower after the Federal Reserve "communicates its goals to ease policy in coming meetings," said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities.

Bond financing is likely for parts of a major revitalization effort on which the city is collaborating with the University of Notre Dame's School of Architecture.

Bettina Bronisz' colleagues say she'll leave a legacy of joy and laughter in the Connecticut Treasurer's office.

Concerns have been raised about audits related to nearly $2.9 billion of ratepayer-backed bonds sold for Oklahoma utilities in 2022.

Economists expect the FOMC to hold rates, although some say there's a case to be made for a July cut, with Fed Chair Powell setting the table for September.

With joint proposed rulemaking details unavailable and bond issuance growing, these are top issues experts need to know.

The industry veteran will give the 14-year-old firm a stronger foothold in the municipal finance industry.

"The overall muni market appears to be in a good balance despite the hefty slate of primary issuance that has occurred over the past few months," Birch Creek Capital strategists said.

While it may cost the city more to sell its bonds, the negative outlook could increase market participation, one analyst said.

Though further adjustments may be needed, Fitch Ratings analysts said the budget supports the state at its current AA rating level.