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Municipals were firmer Thursday following a stronger U.S. Treasury session while municipal bond mutual funds reported the second consecutive week of inflows. Equities closed the session mixed. Triple-A yields fell one to five basis points while USTs saw gains of seven to nine basis points. The moves pushed muni to UST ratios slightly higher. The

The public finance community hailed Wednesday’s First Circuit Court of Appeals ruling that Puerto Rico Electric Power Authority bondholders had a lien on net revenues. Observers say the decision sends a message that the municipal revenue bond pledge is strong, the Oversight Board’s plan of adjustment for PREPA as it currently is proposed is unlikely

The Houston city council passed a fiscal 2025 budget Wednesday that eschews tax increases or new fees and taps a general fund balance to help fill a structural budget gap. Mayor John Whitmore said the $7.3 billion all-funds budget, which includes about $3 billion in general fund spending, was responsible, while noting the city continues

The D.C. City Council tentatively passed a budget on Wednesday that includes eliminating the tax exemption on interest from out-of-state bonds.  The D.C. Office of the Chief Financial Officer believes eliminating the exemption will save $7.7 million in fiscal year 2025 and about $16 million annually thereafter.  The OCFO has still not given the final

The country’s largest public pension fund came under fire Wednesday from House Republicans, who accused the fund of being part of a “climate cartel” that illegally colludes with other investors to try to force companies to reduce their carbon footprint. The California Public Employees’ Retirement System was one of four witnesses called by the Republican

Puerto Rico is no closer to exiting external oversight after the release of its most recent audited financials. That’s according to a letter the Puerto Rico Oversight Board sent to the commonwealth’s treasury earlier this month following the April release of Puerto Rico’s annual comprehensive financial report for fiscal 2022. Four consecutive years of balanced

Most sectors showed flat growth of muni ownership quarter-over-quarter, but year-over-year Federal Reserve data shows the continued trend of increases in separately managed accounts and decreases in bank and insurance company holdings. The face amount of munis outstanding ticked up to $4.081 trillion, a 0.6% increase from Q4 2023 and 1% from Q1 2023, according