Washington

The Federal Reserve is committed to cooling inflation and needs to raise interest rates to a little above 4% to ease demand, Cleveland Federal Reserve Bank President Loretta Mester said.

The sudden passing of Walorski and two of her staffers has left municipal market advocates and politicians stunned.

The agency overseeing what has been called the country's most expensive infrastructure project hopes to secure $8 billion in federal dollars and $4.2 billion of state borrowing for the first leg of the bullet train.

The Investment Company Institute reported investors pulled $246 million out of muni bond mutual funds in the week ending July 27 compared to the $602 million of outflows in the previous week.

Hospitals can expect more than $2.6 billion of in additional payments under the Centers for Medicare and Medicaid Services program, but some say that is not enough.

St. Louis Fed Bank President James Bullard said he favors a strategy of "front-loading" big interest-rate hikes, and he wants to end the year at 3.75% to 4%, while his Richmond counterpart, Thomas Barkin, said the central bank was committed to lowering inflation and a recession could happen.

The proposal may be less feasible for certain types of trades, market participants said, especially larger trades.

Federal Reserve officials said they want strong evidence that the hottest inflation in four decades is on a sustainable downward path before declaring victory in their fight against it.

The day after the Federal Open Market Committee's next meeting we will analyze the increase and the signals about what rate hikes may be coming.

The large primary was led by two $700-plus million of revenue bonds from the Port of Seattle and the Georgia Ports Authority.