Washington

The Department of the Treasury’s warning letter to Arizona may be a warning to all states who defy the Biden Administration’s rules related to ARPA funding, but disclosure related to clawbacks could be a problem for muni issuers.

Aoifinn Devitt, chief investment officer at Moneta Group, discusses the Federal Reserve’s plans to raise rates this year, whether this was truly a pivot in Fed thinking, how the market reacted to this change and will how they will respond when rates go up, how new members on the Federal Reserve Board could impact Fed plans and what this all means for investors. Gary Siegel hosts. (28 minutes.)

The largest deal of the week comes from the New York City Transitional Finance Authority with $950 million of exempts and $250 million of taxables.

The revised form is a step in addressing the massive backlog of paper Form 8038-CPs that were built up as a result of COVID-19 related shutdowns.

Newly released transcripts of Federal Reserve policy meetings in 2016 show then-Governors Jerome Powell and Lael Brainard were quick to pivot away from planned interest-rate hikes in the face of risks posed by a stumbling Chinese economy.

President Biden will nominate Sarah Bloom Raskin to be the Federal Reserve’s vice chair for Supervision and Lisa Cook and Philip Jefferson to be governors. The selections keep a Biden promise to improve diversity at the Fed.

The latest round of federal aid is not enough to move the needle over the long term.

The Internal Revenue Service has released guidance providing temporary relief for low-income housing tax credit and private activity bond-financed properties due to the ongoing threat of COVID-19.

The new water resources act comes as the Army Corps of Engineers' civil works program is set to see the largest influx of funding in its history.

The project will put an equity lens on investment practices that fund infrastructure.