Washington

The high level of incarceration in the U.S., especially among Americans of color and indigenous people, constrains the labor market and the economy’s ability to reach its full potential, Federal Reserve Bank of Atlanta President Raphael Bostic said.

Consumer price spikes, which in June surged the most since 2008, will likely be a temporary feature of an economy that’s quickly recovering from the pandemic, said Federal Reserve Bank of San Francisco President Mary Daly.

Research suggests limited effectiveness of the SEC's rules requiring disclosure of private debt.

"You now have a proven toolbox based on the data from the MSRB municipal trades,” says Brad Wendt of Charles River Associates.

Most participants expect better performance for munis in the near-term. Longer-term, a lot depends on rates, COVID and other outside factors, such as infrastructure.

Alan Rubin, principal, Blank Rome Government Relations

While municipals hit the pause button Friday, the movement in yields in the first week of July marked the largest one-week decline in 2021.

Senate Banking Committee Chair Sherrod Brown said he expects Federal Reserve Vice Chair Randal Quarles’s oversight of the central bank’s financial supervision to end with the conclusion of his term in October.

As the White House weighs the potential renomination of Jerome Powell as chair of the Federal Reserve, officials are discussing the use of openings on the board to reshape the central bank.

More of the same from the FOMC did little to move UST or munis. ICI reported the 17th consecutive week of inflows at $1.98 billion. July is looking good for municipal issuers.