Bonds

Municipals were mostly steady Wednesday as investors worked through more new-issue paper in the primary while U.S. Treasuries lost ground after Tuesday’s rally. Equities were mixed near the close. The dust settled Wednesday following Tuesday’s rally, as municipals were flat, according to a New York trader.  “Everyone is reevaluating and taking a breather after the
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Municipals were firmer across the curve, but underperformed a U.S. Treasury rally after a lower consumer price index report indicated the Federal Reserve may soon be done hiking rates. Equities also rallied. “The Fed looks smart for effectively ending its tightening cycle as inflation continues to slow,” said Bryce Doty, senior vice president and senior
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A tranche of economic development revenue refinancing bonds issued by the Arkansas Development Finance Authority has been found to be taxable by the Internal Revenue Service. The ruling affects $5.43 million of paper issued by the ADFA in 2016.   The issuer has received notice from the IRS via form 5701-B that includes a proposed adverse determination,
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Moody’s Investors Service revised its rating outlook for the Aaa-rated District of Columbia to negative Monday, matching its Friday action on the United States government. At the same time, the rating agency affirmed the Aaa issuer ratings and stable outlooks of Florida, Maryland and Virginia. The actions follow Friday’s outlook revision on the United States
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Puerto Rico Electric Power Authority bond parties that oppose the Oversight Board’s proposed debt deal filed suits challenging part of the deal, asked for compensation for Puerto Rico central government’s actions since March 2022 and proposed an alternate bond deal. The parties filed the suits this weekend in the U.S. District Court for Puerto Rico
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Puerto Rico’s upcoming gubernatorial and legislative elections may lead to a new governor but aren’t likely to change local policy significantly, observers say. At this stage, the main drama seems to be in the New Progressive Party governor’s primary, which sees Puerto Rico Resident Commissioner Jenniffer González Colón running against Gov. Pedro Pierluisi. As Resident
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Georgia Gov. Brian Kemp has extended the suspension of his state’s gasoline tax for another month amid sustained high fuel costs. Kemp cited “ongoing economic hardships caused by rampant inflation” Wednesday when he signed an executive order foregoing Georgia’s 31.2 cents-per-gallon tax on gas and 35 cents-per-gallon tax on diesel for another month through Nov.
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As the timeline for implementing the Financial Data Transparency Act grows shorter, the Securities and Exchange Commission is teaming up with other federal regulators in an attempt to allay fears about implementation.   “There’s no new disclosure requirements, standards or timelines, it’s just about structured data,” said Dave Sanchez, director of the SEC’s Office of Municipal
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Voters in Maine rejected a much-debated proposal to replace the state’s two largest power providers with a public utility company in Tuesday’s election. Question 3 on the ballot, which asked voters to approve the state takeover of for-profit power providers Versant and Central Maine Power Company and the creation of a non-profit, publicly owned utility
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A debate over Amtrak funding derailed the House of Representative’s fiscal 2024 transportation bill Tuesday as opponents, many of them Republicans from the northeast, criticized the bill’s deep cuts to the train agency. The House was set to vote Tuesday on the Transportation-Housing and Urban Development measure, one of 12 appropriation bills that GOP leaders
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