Bonds

California State Controller Malia Cohen has agreed to chair a task force to establish audit criteria and best practices to detect and curtail charter school fraud following a case that cost the state hundreds of millions of dollars. Cohen said she stepped forward when she learned of the prosecution of the San Diego charter school

Munis sold off Thursday, joining bond markets and equities in a rout after the Fed signaled that interest rates would be higher for longer. The Federal Open Market Committee held rates steady Wednesday, as expected, but signaled another hike this year. Munis were steady Wednesday but triple-A yields were cut eight to 16 basis points

As high-speed rail project sponsors across the country compete for federal infrastructure funds, Republican lawmakers Wednesday urged U.S. transportation chief Pete Buttigieg to reject California’s request for its long-struggling project. “We should work together, you and I, to conduct a full audit of the project before any high-speed grant decisions are made,” Rep. Troy Nehls,

Municipals were steady Wednesday as U.S. Treasuries were mixed fiollowing the Fed’s decision to hold interest rates. Equities ended the trading session down. As was expected, the FOMC held rates in a range between 5.25% and 5.50%, but the dot plot in the Summary of Economic Projections showed 12 of 19 members expect another 25-basis-point

The Municipal Securities Rulemaking Board now includes hourly updates from Bloomberg’s BVAL AAA Municipal Curve on its EMMA online system, a move the board says seeks to enhance transparency for investors, issuers and market participants. The updated site now shows BVAL AAA Municipal Curve updates hourly between 9 a.m. and 4 p.m. eastern, in addition

Municipals were weaker Tuesday as triple-A yields rose in sympathy with U.S. Treasuries. Equities ended the session down ahead of the close of the Federal Open Markets Committee meeting Wednesday. Triple-A yields were cut two to seven basis points, depending on the scale, while UST yields rose four to six basis points, pushing the two-,

California’s revenues for August came in $1.3 billion above projections putting the state $75 million above the $21.9 billion expected for the first two months of the fiscal year, according to the Department of Finance. The revenues of $1.3 billion were 11.1% above the forecast of $12.16 billion, as receipts from nearly all revenue sources

Georgia Gov. Brian Kemp has suspended his state’s gasoline tax for one month as prices at the pump continue to increase. Kemp cited high fuel costs and persistent inflation when he declared a legal state of emergency last week and signed an executive order suspending Georgia’s 31.2 cents-per-gallon tax on gas and 35-cents-per-gallon tax on

It’s a foregone conclusion the Federal Open Market Committee won’t raise the fed funds target rate at its Sept. 19-20 meeting, so the market will concentrate on the updated Summary of Economic Projections and Chair Jerome Powell’s press conference. “The Fed will try to deliver a hawkish hold on September 20, also driving home the

For a market anchored by self-regulation and tax-exemption, creeping regulation and political crossfire are nothing new, but also show no sign of abating — look no further than the Securities and Exchange Commission’s “regulation by enforcement” and the hyper-politicization of environmental, social and governance investing factors. That’s the message from a group of municipal market

As the appropriations tug of war goes back and forth in Congress, municipalities are concerned about a wide range of federally-supported infrastructure projects which might end up on the chopping block. The National Association of Counties is already ringing a warning bell via a letter addressed to both chambers of Congress imploring the need  to “prioritize federal

Port and shipping industry experts discussed the past and future of New York and New Jersey’s ports at an event hosted by the Federal Reserve Bank of New York this month. The “Ports of Tomorrow” event was carried out in partnership with the Port Authority of New York and New Jersey and the Regional Plan

Municipals were a touch weaker to close out the week ahead of a smaller new-issue calendar and the Federal Open Market Committee meeting. U.S. Treasuries closed out weaker while equities were in the red. Triple-A yields rose one to three basis points, depending on the curve, while USTs rose three to four. The two-year muni-to-Treasury

Guam Gov. Lourdes Leon Guerrero let a Senate-passed $1.168 billion budget go into law without her signature, despite her concerns about use of a rainy-day fund, executive branch appropriation and “phantom” revenues. The Senate passed the budget on Aug. 30, with nine Democrats voting in favor and six Republicans voting against. Leon Guerrero, a Democrat,

As transit agencies across the country face a dreaded fiscal cliff when federal stimulus dollars dry up, those agencies that win permanent revenue from their states and local governments will boost their profile while others will see their credit erode. That’s the view of experts who spoke at a transit panel Wednesday at The Bond

Municipals were little changed Thursday as U.S. Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year at 64%, the

A record number of tourists came to New York State last year, pumping more than $78.6 billion of direct spending into the local economy. The 291.5 million tourists who visited the Empire State also generated roughly $123 billion in financial impact for the economy in 2022, according to reports issued by Tourism Economics on Wednesday.

Municipals were slightly weaker in spots Wednesday, largely ignoring the mixed reactions of other markets following the release of a hotter-than-expected consumer price index figure. The focus was on the primary where the Dormitory Authority of the State of New York priced for institutions with yields lowered by up to five basis points from the

The North Carolina Local Government Commission approved more than $1 billion in bond requests from the cities of Charlotte and Durham on Tuesday while returning financial control to the town of Robersonville. Charlotte submitted two requests, one for airport projects and another for improvements at the Spectrum Center arena. The LGC approved Charlotte’s request to

Banks’ pandemic-era bond investments are still hampering some lenders, dragging down the profitability of those that are saddled with low-yielding portfolios for months or even years to come. The concerns are far less severe than they were in March and April, when the failure of Silicon Valley Bank brought scrutiny of surviving banks whose large