The Federal Reserve’s prestigious annual Jackson Hole policy symposium will be held in person this year, albeit in a modified form, according to a statement Thursday from hosts the Federal Reserve Bank of Kansas City. The yearly retreat of the world’s top central bankers and economists went virtual in 2020 due to the COVID-19 pandemic,
Municipals saw one to three basis point bumps to benchmark yield curves while new issues repriced by as much as 10 basis points lower into a stronger, issuer-friendly market, as the 10-year fell below 1% on most scales. The Investment Company Institute reported $1.27 billion of inflows into municipal bond mutual funds, marking the 11th
Despite recent large monthly gains, Fitch Ratings said it will take the U.S. job market another 18 months to create the 7 million jobs needed to recover from the economic shocks wrought by the pandemic. Fitch doesn’t expect the U.S. labor market to return to full employment, which it estimates at 4.3%, until the fourth
U.S. central bank officials may be able to begin discussing the appropriate timing of scaling back their bond-buying program at upcoming policy meetings, Federal Reserve Vice Chair Richard Clarida said. “It may well be” that “in upcoming meetings, we’ll be at the point where we can begin discuss scaling back the pace of asset purchases,”
Municipals improved Tuesday on the backs of a strong primary led by the Washington Metropolitan Area Transit Authority’s $788 million green bonds and gilt-edged Loudoun County, Virginia, and the New Jersey Infrastructure Bank, which sold competitively with tight spreads. Triple-A municipal benchmark yield curves were bumped one to two basis points, lagging a four basis
The tide has turned for some Illinois public universities’ already bruised ratings as COVID-19 pressures on their balance sheet and state funding levels ease. S&P Global Ratings on Friday upgraded the University of Illinois, the state’s flagship, by two notches noting its resilient balance sheet independent of state help and analysts revised the outlook on
Raphael Bostic, Federal Reserve Bank of Atlanta president, says he hears frequent speculation that he could be nominated to lead the central bank. “I hear about it all the time,” Bostic said, according to an Axios account of the outlet’s interview on Axios on HBO. Raphael Bostic, president and chief executive officer of the Federal
Red flags waved as Providence Mayor Jorge Elorza proposed issuing $704 million in pension obligation bonds to deal with a pestering unfunded liability problem in Rhode Island’s capital city. The amount exceeds the city’s annual operating budget. Bond markets often frown on such borrowing and sentiment among state officials who must sign off is uncertain.
Illinois will dip into its growing pot of tax revenues to pay off the remaining $2.175 billion of outstanding debt borrowed through the Federal Reserve’s Municipal Liquidity Facility to manage last year’s COVID-19 tax blows. The Treasury Department’s interim guidance, released May 10, barring debt repayment as an eligible use of American Rescue Plan dollars
Nicholas Falgione, 55, of Wexford, Pa., a longtime municipal banker and managing director at PNC Capital Markets, died on May 12 after a three-year battle with liver cancer. He joined PNC in 2013 as a managing director based in Pittsburgh as part of the expansion of the firm’s public finance teams in Pennsylvania and Florida.
Municipal bonds were little changed Friday ahead of a $7 billion holiday-shortened week — led by the Washington Metropolitan Area Transit Authority’s $800 million-plus green bond deal — as investors head into the last week before the June reinvestment season begins. There are 19 deals larger than $100 million in a mixture of credits that
The Federal Reserve should get a conversation going on tapering its bond-purchase program “sooner rather than later,” Philadelphia Fed President Patrick Harker said, adding his voice to a growing minority of U.S. central bank officials signaling the process should begin sometime soon. “It is something that, in my mind, we should start to have a
Factors pushing U.S. inflation higher are likely to ebb at the start of 2022, said Federal Reserve Bank of San Francisco President Mary Daly. “There’s just going to be a sequence of these temporary factors that are going to persist probably through the end of the year,” Daly said Friday in an interview with Bloomberg
Puerto Rico Oversight Board Executive Director Natalie Jaresko said the board’s financial plans include executing the central government plan of adjustment in fiscal 2022, including debt service payments. The board’s proposed General Fund budget, submitted to the Puerto Rico legislature on May 10, has no money allocated for debt service. However, Jaresko said Thursday that
Municipal high-grade benchmarks were little changed for the fourth day as U.S. Treasuries improved, as did equities, and Refinitiv Lipper reported heavy high-yield inflows. Fund inflows continue to be in positive territory with Refinitiv reporting $725 million of total inflows into municipal bond mutual funds for the week ending May 19. High-yield funds made up
Trinity Health named Daniel Isacksen Jr. to replace retiring interim chief financial officer Cynthia Clemence. Isacksen will take over the post of executive vice president and CFO in July. He currently serves as an executive vice president and regional CFO from his base at Loyola Medicine in Maywood, Illinois, which is one of Trinity’s regional