Today In The Markets

Municipals were little changed outside of cuts on the one-year Thursday while inflows into municipal bond mutual funds topped $1 billion, clocking in at the second highest total this year. U.S. Treasuries were slightly weaker and equities ended up. Investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion for

North Carolina and Georgia grant anticipation revenue vehicle bonds were upgraded to Aa3 from A2 by Moody’s Ratings. Simultaneously Georgia’s grant anticipation reimbursement bonds were upgraded to Aa3 from A1. The outlooks are stable. The North Carolina upgrade affects $846 million of debt and the action on Georgia affects $375 million. Moody’s upgraded Georgia’s Garvee

The American Bankers Association is pushing back hard against proposed rule for the controversial Financial Data Transparency Act, accusing the Securities and Exchange Commission and other federal agencies of overstepping their authority in seeking to replace the current identifier system for financial securities, including municipal bonds. The proposed FDTA rule, unveiled Aug. 1, would replace

After three years of preparation and just over three months after the official implementation date, the move to a T+1 settlement cycle is beginning to show signs of success. That’s according to a white paper issued by the Securities Industry and Financial Markets Association, a key stakeholder and thought leader in preparing the market for

Dallas will contribute $11 billion to its Police and Fire Pension System over 30 years under a plan approved Wednesday by the city council to comply with a Texas law aimed at keeping the system, which is just 39% funded, with a $3.2 billion unfunded liability, solvent.  The 14-1 vote came after the retirement system

North Carolina’s Local Government Commission approved about $320 million in bonds and $15 million of other financings, such as state revolving loans and installment purchases. The commission, headed by State Treasurer Dale Folwell, approved $73 million of limited obligation bonds for Rowan County to repair and replace school facilities in the Rowan-Salisbury school system and

House Republicans are squabbling over legislation that ties keeping the government open past Sept. 30 to legislation that would strengthen voting rules, as state and local governments brace for a possible curtailment of federal funding.  The bill, labeled as the “Safeguard American Voter Eligibility Act” adds additional obstacles to prevent non-U.S. citizens from voting in

Jacksonville, Florida, public utility JEA plans to bring $476.6 million in electric system revenue bonds next week in a deal designed to sharply reduce the system’s exposure to variable-rate debt and derivatives. “This transaction will result in a significant simplification of JEA’s Electric System balance sheet,” the utility said in an online investor presentation. “Upon

In his more than 50-year career in government finance, David Thompson focused on mentoring his employees and treating clients fairly. Thompson worked for other firms for more than 30 years before, in 2004, he started his own successful and respected municipal advisory firm, Phoenix Advisors in New Jersey. He grew the firm from four employees

The New York Metropolitan Transportation Authority has been coping with a capital fiscal cliff since June, when Gov. Kathy Hochul canned congestion pricing, and the toll revenue that was supposed to fund $15 billion of projects. But that’s just the beginning of the authority’s capital shortfalls, according to New York State Comptroller Thomas DiNapoli.  A

Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta.Bloomberg News Federal Reserve Bank of Atlanta President Raphael Bostic violated the central bank’s trading rules and policies in 2022, according to a government watchdog report. The Federal Reserve’s Office of the Inspector General, or OIG, released the findings from its review

Municipal triple-A scales were little changed Wednesday, ignoring the U.S. Treasury market’s weaker tone following August inflation data that tempered expectations of a higher rate cut this month, while investors focused on the muni primary as more large new-issues cleared the market. The August consumer price index showed inflation remains above the Federal Reserve’s target