Washington

The Fed will gradually sell its portfolio of corporate debt purchased through an emergency lending facility launched as the COVID-19 pandemic spread panic through financial markets.

“We have to be careful in removing accommodation so that we don’t create any kind of ‘taper tantrum,’ ” Philadelphia Fed President Patrick Harker said.

GASB has not had an academic on its board since June of last year when Professor Michael H. Granof of the University of Texas ended his second term.

The budget pays off Municipal Liquidity Fund loans, goes easier on local governments, cuts some corporate incentives, and begins drawing down federal relief.

The tax law proposals laid out by Treasury last week struck many muni advocates as too limited, ignoring the industry's biggest request — tax-exempt advance refundings.

Randal Quarles left open the possibility that he might remain in his role as a Federal Reserve governor after his tenure as vice chair for supervision expires on Oct. 13 — a move that would reduce the openings for the Biden administration to fill.

The administration also wants to enhance the Low-Income Housing Tax Credit that is often used for bond-financed multifamily housing projects.

Municipal yields will likely stay in a narrow range with trading activity subdued unless larger interest rate volatility unexpectedly sets in, analysts say.

There’s so much spare cash sloshing around U.S. funding markets that investors are choosing to park almost half a trillion dollars at the central bank — earning absolutely nothing.

The environmental impact ruling and record of decision are a major milestone for the multibillion-dollar Gateway infrastructure project.