Washington

A federal memo on IIJA dollars outlines Biden administration priorities but doesn’t tie states’ hands when it comes to funding, the transportation secretary said.

The president touted the benefits of last year's Bipartisan Infrastructure Law and American Rescue Plan Act during his first State of the Union address.

The Russian invasion of Ukraine could slow interest rate hikes and has led the market to pull back on the chances of a 50-basis-point liftoff.

States have appropriated 72% of the ARPA funds they have received so far and many state legislatures are developing plans to spend the rest.

Recent federal laws have provided municipalities with record levels of funding, but may only have a marginal increase in the number of issuances.

Sponsors of the Supporting American with Lower Taxes Act see it as a potential compromise on the contentious state and local tax deduction cap issue.

“I want to break ground next year,” Kentucky Gov. Andy Beshear said.

All markets, but particularly municipals, are in uncharted territory once again, with volatility amplified by the crisis in Ukraine and a still somewhat uncertain path for the Federal Reserve and inflation.

February volume was $26.481 billion in 594 deals versus $37.052 billion in 981 issues a year earlier, bringing total volume for the first two months of the year to $51.426 billion, or 20% less than 2021.

SIFMA had argued that the SEC's temporary exemption order for municipal advisors was arbitrary and capricious.