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Municipals were steady to firmer in spots, while U.S. Treasury yields fell and equities were mixed toward the end of the session. Triple-A benchmarks were bumped up to three basis points, depending on the curve, while UST yields fell up to five basis points, pushing all tenors to year-to-date lows. “The muni market underperformed against

With a junk bond credit rating, 19 tax hikes in 11 years, and a $250 million deficit, Ed Rendell took control of a troubled city in 1992. When Rendell became Philadelphia’s mayor, after two terms as its district attorney, the city was in a financial crisis. The city had persistent deficits and entrenched political patronage;

Municipals were lightly traded and little changed Friday ahead of a much smaller calendar and the Federal Open Market Committee meeting during which the first rate cut in four years is expected. U.S. Treasuries and equities closed out a volatile week in the black. Triple-A muni yields barely budged across the yield curve while USTs

After just 20 months on the job, Federal Highway Administration head Shailen Bhatt has departed for the private sector. Bhatt announced Thursday that he’s taken a position at Montreal-based engineering services firm AtkinsRéalis. He joins as senior vice president and chief operating officer for the U.S., Latin America and Minerals & Metals. Current FHWA Deputy

The NAFOA, founded as the Native American Finance Officers Association, announced that Cory M. Blankenship will take over the helm as the organization pushes the Tribal Tax & Investment Reform Act, which would free up tribal bond issuance.   “NAFOA has been working with Congresswoman Gwen Moore D-Wisc. and Congressman David Schweikert’s R-Ariz. offices to help

The muni bond market grew in the second quarter as ownership by household and exchange-traded funds grew, while U.S. banks and insurers continued to reduce their holdings, the latest Federal Reserve data shows. The face amount of munis outstanding ticked up to $4.129 trillion, a 1.1% increase from the first quarter of this year and

The Senate Finance Committee kicked off next year’s looming tax debate Thursday during a hearing that highlighted the Democrats’ priority of eliminating tax-avoidance strategies employed by high earners and the Republican pledge to extend tax breaks built into the 2017 Tax Cuts and Jobs Act. “In a matter of months, the Congress will begin a

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

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