Washington

Municipals improved for the fifth session in a row with 10- and 30-year triple-A yields falling 30 basis points since Thursday. Connecticut priced $1 billion-plus of GOs and saw yields lowered in a repricing.

George's departure will come around the same time that Chicago Fed chief Charles Evans steps down. Both will have turned 65.

A pipeline of projects is building as infrastructure dollars begin to flow to states.

The December 2020 supplemental aid package provided $9.8 billion directly to state departments of transportation, the only direct stimulus that DOTs received.

The amount of money parked at a major Federal Reserve facility climbed to yet another all-time high, surpassing the $2 trillion milestone for the first time, as investors struggled to find places to invest their cash in the short term.  

Federal Reserve Bank of Kansas City President Esther George said she expects the central bank to raise interest rates to 2% by August, with the further course of tightening being guided by how surging inflation cools off.

Federal Reserve Bank of Atlanta President Raphael Bostic said policy makers could potentially pause interest-rate increases in September after hiking by a half point at each of their next two meetings.

The latest Congressional effort challenging the state and local tax deduction cap would stop the IRS from restricting state legislation that offsets the policy.

Toll roads, registration fees and mileage-based fees are seen as the most sustainable options for replacing declining fuel tax revenue, but feasibility issues and political pressures complicate the way ahead.

The U.S. economy needs supply-side interventions rather than interest-rate hikes by the Federal Reserve that will fail to bring inflation under control, said Nobel laureate economist Joe Stiglitz.