Washington

The departure comes amid Spanish reports that financing for what aims to be the nation's first bullet train is "in hibernation."

The 25-basis-point move to higher yields is the largest one-day change in triple-As since March 2020 when COVID began roiling markets. Munis could not ignore a continued selloff in UST led by inflation and recession concerns.

Ahead of the FOMC meeting, municipal issuers pull back. Investors will be greeted Monday $2.880 billion of new-issue supply.

More firms are revising issuance projections downward due to lower refunding and taxable volumes. Many participants say it is unlikely the market will hit issuance records reached in 2021 and 2020.

While a document search will not turn up the dreaded word “stagflation,” the minutes mention on multiple occasions that the FOMC sees risk to growth skewing toward the downside, and inflation risk to the upside.

MTA finance director Pat McCoy said issuers need to ask if they are prepared to deal with the requirements attached to federal money.

Issuers need to be careful with bonds specifically marketed as green, said the head of Office of Municipal Securities.

Hiring qualified candidates for many positions within state and local governments has reached its worst period in 50 years, panelists at the 116th annual GFOA conference said on Sunday.

Republicans, who argue pandemic aid is partly to blame for inflation, have said the large aid packages came with too few guardrails.

The MSRB addressed its controversial request for information during the Government Finance Officers Association’s first live conference in two years.