Retailers

Tuesday’s data may not be indicative of where the economy is going and will likely be written off by the Federal Open Market Committee at its meeting, analysts say.

After facing outside economic data pressures and rising U.S. Treasuries, municipals ended the week on solid footing ahead of a larger calendar with newly upgraded Connecticut leading with $1 billion of exempt and taxable GOs.

The municipal secondary gave way to higher-yields and triple-A benchmarks rose two to five basis points. U.S. Treasuries pared back Tuesday's losses, even on the heels of better economic data.

Friday’s data showed economic weakness. Consumers, the drivers of the economy, pulled back during the holiday season and have exhibited weakening sentiment.

The rising number of COVID-19 cases and the restrictions imposed to stop its spread, led to a pullback in consumer spending and has a regional service sector reeling.

October retail sales rose less than forecast, and with a new wave of rising infections, analysts worry that lost jobs and increased restrictions could hurt sales going forward.

The economic news Friday was mostly positive, with consumers spending on clothes, cars and eating out, while manufacturing continues to suffer.

Nearly $300 million of municipal debt sold 12 years ago to expand Central New York's Destiny USA shopping mall were dropped to junk-level Ba2 by Moody's Investors Service.

Retail sales undershot again in June, in the minus column with a 0.2% decline.

April retail sales did not quite meet expectations Friday, rising 0.4%, with March upgraded to a positive in revision.