Today In The Markets

Municipals were steady to slightly weaker in spots as U.S. Treasury yields rose and equities ended up. Despite some slight weakness Monday, munis continued “their impressive start to June,” with yields falling 10 to 13 basis points last week, Birch Creek strategists said. Munis have rallied roughly 24 to 29 basis points month-to-date, a “complete

Los Angeles is the latest issuer to come to market riding a Fitch Ratings upgrade from its revised local government criteria as the city prepares to sell social bonds competitively to support its efforts to eradicate homelessness. Fitch upgraded the city’s issuer default rating to AA-plus from AA and assigned a AAA rating to the

The Municipal Securities Rulemaking Board announced Monday the addition of the Tradeweb AAA Municipal Curve to its Electronic Municipal Market Access website, the latest step in the board’s years-long effort to centralize more such data on EMMA. MSRB’s John Bagley hailed the new addition to EMMA. The curve is now another of several available on

The timing and number of rate cuts the Federal Reserve makes this year will be determined by incoming data, Federal Reserve Bank of Philadelphia President Patrick Harker said Monday. “My commitment is to remain data dependent because this is how we get through the uncertainty and make sure inflation returns to target, sustainably,” Harker said.Bloomberg

Former Government Finance Officers Association President Laura Allen is leaving office during a time of immense transition, as the organization looks to find new ways to engage with their 24,000 members across the United States and Canada. Allen has passed the baton off to Tanya Garost, who assumed the role June 11 and she will

Federal Reserve Bank of Minneapolis President Neel Kashkari said the central bank is in a good position to take its time and watch incoming data before starting to cut interest rates. “We need to see more evidence to convince us that inflation is well on our way back down to 2%,” Kashkari said Sunday on

Lackawanna County, Pennsylvania, faced persistent budget gaps patched with one-time revenues, two ratings downgrades since September, and its upcoming scoop-and-toss bond deal will yield spiking debt service costs in the coming years.  But the county believes its upcoming financial plan and hidden economic strengths will turn around its fortunes.  “For anyone who still thinks this