Public finance

Two New York members of Congress called them "vulture funds" trying to get "blood out of a turnip" at the expense of Puerto Rico electricity customers.

As the market continues to contend with the surge in issuance, investors still have a significant amount of cash that can be put to work, said Jeremy Holtz, a portfolio manager at Income Research + Management.

Record contributions from public employers made up for below-expectation investment returns, according to a report published by the the Equable Institute.

Hays County will appeal a June 23 court ruling that voided a successful GO bond election while it explores issuing alternative debt to fund road projects.

"Most states do not expect to be able to keep key roads and bridges to a state of good repair," said David Draine, principal officer, public sector, retirement systems for the Pew Charitable Trusts. 

Once considered as a promising prospect for investors, "green" bonds have been plagued by defaults, a concern for those who study the underlying technologies.

A 2024 Illinois law loosened school bond restrictions, allowing districts to authorize some debt without an election. That caused a backlash in one district.

The top 10 underwriters for the first half of the year brought in more than $203 billion across nearly 2,000 issues.

As always, economists had disparate interpretations of the consumer price index, with none expecting a July rate cut. And tariff questions remain unanswered.

Prices for some bonds issued for Florida's express train have fallen sharply since Friday.