Washington

A shift is underway at the Federal Reserve in how to describe neutral — the interest rate level that neither stimulates nor restrains growth — as it debates how much higher to hike.

Investors will be greeted Tuesday with a larger new-issue calendar, estimated at $6.087 billion, up from total sales of $5.551 billion in the week of Aug. 29.

Nearly all construction firms have job openings, and more than half said they're seeing projects being scaled back, postponed or canceled.

Sunita Lough won admiration from the public finance legal community.

On Tuesday, the Municipal Securities Rulemaking Board filed a proposal with the SEC to changing Rule G-3, which governs continuing education requirements.

The MBTA's capital program, which relies on nearly $600 million in annual borrowing, has doubled since 2018.

The Investment Company Institute reported $755 million of outflows from muni bond mutual funds in the week ending August 24 compared to $320 million of inflows the previous week.

Many market players have revised their supply projections downward since rising interest rates have slowed down refunding and taxable volumes and general market volatility has stopped some issuers from participating.

The Federal Reserve needs to raise its benchmark rate above 4% by early next year and leave it there for some time to help cool inflation, Cleveland Fed President Loretta Mester reiterated on Wednesday.

Federal Reserve officials, picking up where they left off over the weekend in Jackson Hole, stressed their commitment to defeating inflation while remaining vague on how big their policy move will be next month.