Washington

State and local governments showing strength in a time of financial uncertainty

The Bipartisan Infrastructure Law gives the country "the best start we've ever had," in setting up a national bullet train network, Transportation Secretary Pete Buttigieg told a House panel Wednesday.

As was expected, the FOMC held rates in a range between 5.25% and 5.50%, but the dot plot in the Summary of Economic Projections showed 12 of 19 members expect another 25-basis-point rate hike this year.

The website now shows Bloomberg's yield curve with hourly updates between 9 a.m. and 4 p.m. The move changes EMMA's usual practice of displaying yield curve data from the day before.

Fund flows "should be moving along a more positive trajectory, but they have yet to do so with munis unable to break free of the Treasury market's tight grip," Oppenheimer's Jeff Lipton said.

As the Disaster Relief Fund runs dry, FEMA asks Congress for appropriation renewal.

Jena Watson, who has nearly 30 years of experience, moved over from HomeBank.

With a light new-issue calendar ahead of the FOMC meeting, "secondary flows may benefit from greater attention," said Kim Olsan, senior vice president at FHN Financial.

The GOP stopgap funding measure may only kick the can down the road for a month, but how this bill passes will have implications for how Congress feels about additional spending measures.

With the Federal Open Market Committee expected to skip an interest rate hike, all eyes turn to the Summary of Economic Projections and Chair Powell's remarks.