Bonds

The Federal Reserve needs to raise interest rates a bit further to rein in an inflation rate that’s too high, monetary expert John Taylor said. “They’ve had a big adjustment over the last couple of years,” the Stanford University professor told a webinar hosted by the American Council for Capital Formation on Thursday, adding, “I

Fitch Ratings lifted Cleveland’s issuer rating into the double-A category over its growing reserves and income tax collections despite the impact of remote work refunds.    Fitch rates just a small piece of the city’s general obligation debt but it’s now on par with Moody’s Investors Service and S&P Global Ratings in rating the city

Chicago Mayor Brandon Johnson tapped state banking regulator Chasse Rehwinkel to fill the city comptroller’s position, a choice that completes his picks for the city’s top fiscal posts. The comptroller manages the collection or disbursement of city revenues and all funds required to be in the custody of the city treasurer.  The chief financial officer, budget director,

Florida’s Brightline passenger train is hoping to snag its first public rating ahead of a potential refinancing to lower interest rates on a chunk of project revenue bonds. The refinancing, expected in the next six to 12 months, comes after the express train hits a key milestone later this summer when it launches service on

Municipals were little changed ahead of the Fourth of July, while U.S. Treasuries were weaker and equities ended up. Triple-A yields were steady, while UST yields rose three to eight basis points. Municipal to UST ratios fell as a result. The two-year muni-to-Treasury ratio Monday was at 59%, the three-year at 61%, the five-year at

New Jersey Gov. Phil Murphy averted a government shutdown Friday, signing into law a record-setting $54.3 billion fiscal 2024 spending plan hours ahead of a July 1 budget deadline. The budget records an $8.3 billion surplus and features $5.4 billion of new spending in addition to major tax code changes and tax-relief provisions. For the

The Commonwealth of the Northern Mariana Islands, a U.S. territory, “is at risk of a severe fiscal crisis,” according to a U.S. Government Accounting Office report. The CNMI had $114 million of debt outstanding as of September 2020, much of it bond debt, according to its most recent audited statement. The government at that time

Ballard Spahr has promoted three public finance attorneys to partners the firm announced. The public finance lawyers include Charles Treece, Azer Akhtar, both in Washington, D.C., and Jennifer Santangelo in Philadelphia. They were among the seven attorneys Ballard Spahr elected to the firm’s partnership on July 1. Treece’s practice focuses on representing government-sponsored enterprises and

The Puerto Rico Oversight Board Friday approved the commonwealth’s fiscal 2024 budget that increases government spending and was already approved by the governor and local legislature. The budget consensus marks a departure from the long history of disagreements between the territory’s elected government and the board created by the federal government to restructure Puerto Rico’s

Municipals were steady to end the month and first half of the year ahead of a paltry new-issue calendar which will see next week’s volume drop to the lowest level of 2023. U.S. Treasuries were firmer out long and equities rallied. Treasuries saw yields fall by as much as seven basis points on the long

Dallas is moving ahead with plans to finance the replacement of its convention center and improvements to Fair Park starting with the private placement in August of short-term debt, which would be refunded as part of a sale of at least $1.4 billion of long-term bonds in 2024. The city council June 14 authorized work

Connecticut Green Bank is offering a seventh round of its one-year taxable Green Liberty Notes in a sale set to conclude on July 31. With buy-in starting at $100, the notes are geared towards retail investors, carry a 5% coupon rate, and will be issued through CGB Green Liberty Notes LLC, a subsidiary of the

June municipal bond issuance dropped 9% from 2022 as uncertainty over Federal Reserve policy and market volatility continued, but the total was the highest month of the year. June’s total volume was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data, and lower than the

Sandra Kerl, the long-time general manager of the San Diego County Water Authority, retired Thursday after more than 40 years of public service. Deputy General Manager Dan Denham will serve as acting GM until the board of directors finds a permanent replacement. “It has been my privilege to work with so many talented and dedicated

Not-for-profit hospital balance sheets are on the mend from last year’s challenges that inflicted deep damage on balance sheets, but pressures persist and the recovery is slow going, according to reports published this week. Hospital finances showed signs of stabilizing in May with some improvement in operating margins, declining expenses and notable increases in outpatient visits,

S&P Global Ratings on Thursday upgraded Kentucky’s issuer credit rating to A-plus from A, the Bluegrass State’s second upgrade in less than two months. “The upgrade reflects our view of Kentucky’s commitment and execution to strengthen its budgetary flexibility and long-term financial stability, which we expect will continue in the current and future budget cycles,”