The U.S. Virgin Islands government is concerned that more than $10 billion of a possible $15 billion in federal hurricane reconstruction aid may be in jeopardy, with possible impacts on the islands’ economy. The islands’ government and Water and Power Authority have more than $2 billion in bonds outstanding. Fitch Ratings rates the WAPA bonds

The last time the triple-A 30-year muni was consistently over 4%, Barack Obama was president, lawmakers were squabbling over whether to raise the debt ceiling, cut spending and keep the federal government open, which eventually resulted in a downgrade of the United State’s triple-A rating by S&P Global Ratings. While there is a different administration,

Cities and states should “keep calm and issue bonds” despite sticker shock from rising interest rates and a volatile municipal bond market. That was the message from panelists speaking Thursday at the Government Finance Officers Association’s annual MiniMuni event, a three-day online event for issuers. The rise in rates “makes our jobs as debt managers

New York state tax collections from mobile sports betting totaled $727.4 million in fiscal 2022-2023, according to a report from the state comptroller’s office. “Gaming has significantly expanded in the state in the last several years,” Comptroller Thomas DiNapoli said Wednesday. “With the ease and 24/7 availability of mobile betting apps, problem gambling and addiction

Municipals were mixed Thursday, outperforming U.S. Treasuries, which saw larger losses following a higher-than-anticipated inflation report, while more outflows from muni mutual funds were reported. U.S. Treasuries sold off after the consumer price index report showed inflation rising, paring back gains after several sessions of a flight-to-safety bid amid the violence in Israel. Equities ended

The U.S. Environmental Protection Agency has launched a civil rights investigation into Alabama’s Department of Environmental Management after reviewing complaints of discrimination in the distribution of federal funds. In a letter addressed to ADEM Director Lance Lefluer, the EPA said it would launch a probe into state policy concerning distributions from a federally backed sewage

Chicago Mayor Brandon Johnson Wednesday unveiled a $16.6 billion all-funds spending package he dubbed the “people’s budget” that “begins the critical investments necessary” to usher in his progressive vision of solving the city’s significant fiscal and social challenges. The budget proposal features little in the way of new taxes or fees despite Johnson’s campaign pledge

Municipals rallied Wednesday amid a busy primary market day as U.S. Treasury yields fell out long and equities closed the session up after the Federal Open Market Committee released its minutes with few surprises. Triple-A yields were bumped seven to 12 basis points, depending on the scale, while U.S. Treasury yields fell up to 12