Bonds

In our first-quarter municipal (muni) bond outlook, the twin risks of higher inflation and rising interest rates were a key focus.  We maintain now, as we did then, that these risks could also present opportunities in certain corners of the fixed-income market, especially among shorter-duration municipal bonds.  At the end of 2021 into the early
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Yuba Water Agency officials say it’s only sheer luck that’s kept its 313,000-acre watershed in California’s Central Valley from burning. Several watersheds around Yuba’s, which suffer the same dry, overstocked conditions amid the state’s extended drought, have experienced megafires, said Joanna Lessard, the agency’s project manager for the watershed resilience and forest health program.  “We’ve
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The CEOs of three large U.S. banks are raising concerns about a possible recession, saying the Federal Reserve has a tricky job ahead in combating inflation without sparking a downturn. JPMorgan Chase’s Jamie Dimon, Bank of America’s Brian Moynihan and Morgan Stanley’s James Gorman warned in separate interviews Wednesday that drastic interest rate hikes from
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The Puerto Rico Oversight Board submitted a proposed Plan of Adjustment for the Puerto Rico Highways and Transportation Authority and proposed a confirmation hearing for it to be held in mid-September. The board submitted the proposed plan, proposed Disclosure Statement, and three other motions concerning the legal processes on the road to confirmation on Monday
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Puerto Rico’s bankruptcy process showed that credit fundamentals outweigh legal protections in determining defaults and that pensions continue to be treated better than bonds in recoveries, analysts say. Those lessons and others were outlined in a Wednesday Moody’s Investors Service report, “Puerto Rico bondholder recovery patterns echo major municipal bankruptcies,” authored by Senior Vice President
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Oregon filed amended offering documents Thursday for a recent lottery bond deal after the state Court of Appeals reversed a $1 billion verdict against the state in a dispute over forest management. The Department of Administrative Services had priced $217.7 million in lottery revenue bonds in two tranches of taxable and tax-exempt debt two weeks
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Municipals were mixed Friday, outperforming larger losses in U.S. Treasury ahead of the Federal Open Market Committee meeting next week where the Fed is expected to implement another rate hike. Equities sold off led by tech stocks. Triple-A benchmarks were cut up to two basis points, depending on the scale, while UST yields rose seven
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The Puerto Rico Oversight Board rejected several local government initiatives, including the governor’s proposed fiscal 2023 budget. The board sent a letter on Friday to Gov. Pedro Pierluisi rejecting the budget he submitted on March 16, and two separate letters to Juan Zaragoza Gómez, Senate Finance Committee president, rejecting three Senate bills relating to firefighters
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