Washington

Aaron Fletcher and his firm Twin Spires Financial have entered a final judgment with the Securities and Exchange Commission over their role in two allegedly fraudulent offerings and a failure to register as a municipal advisor.

Munis were little changed while long UST improved and equities ended in the red after the FOMC raised the fed funds rate target 75bps to a range of 3% to 3.25% and members are leaning toward a rate of 4.4% by yearend.

The Federal Highway Administration needs to act more like a partner and less like a roadblock, state transportation officials said.

The muni market is watching the fiscal 2023 defense bill closely to see if a final version requires issuers to overhaul their financial disclosure practices.

Vern Buchanan appears to lead the way, but recent moves by Jason Smith to appeal to more GOP leaders make the race for chair of the Ways and Means Committee a tight one.

Short triple-A yields have risen more than 30 basis points over the past eight sessions while the long bond has risen 19, per Refinitiv MMD data.

While a full basis point increase will be discussed, analysts see the Fed increasing 75 basis points to a 3% to 3.25% range, with a split between those who say inflation is worsening and those that believe it peaked.

Running up to the midterm elections the group has already spent over $3.5 million

Triple-A muni yields rose another five basis points on the short end while UST rose up to seven. UST yields are the highest since 2007.

The Municipal Securities Rulemaking Board voted to amend its Rule G-40 on advertising by muni advisors and Rule A-12 on registration during its final board meeting of the year.