The progress on the multi-billion-dollar people mover project at Los Angeles International Airport faced yet another setback last week when Fitch Ratings affirmed the speculative-grade BB-plus rating on California Municipal Finance Authority’s $1.2 billion senior lien revenue bonds. This affirmation came as the project’s completion date was extended by another six months, adding to the
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Following the recent gauge of U.S. manufacturing activity showing expansion for the first time since 2022, bond traders have adjusted their expectations for monetary policy easing by the Federal Reserve. The amount of Fed easing priced into swap contracts for this year dropped to fewer than 65 basis points, which is less than what Fed
The month of March saw a significant increase in municipal bond issuance for the third month in a row. This uptick was largely attributed to a surge in refundings and the completion of several billion-dollar deals. As economic conditions improved and demand for municipal bonds increased, issuers found themselves more confident in entering the market.
In a recent wave of major central bank policy meetings, hedge funds have clearly shown their preference for the mighty dollar. The latest data from the Commodity Futures Trading Commission reveals that speculators are heavily betting on a stronger dollar, particularly against G10 currencies. The net long dollar position against a range of G10 and
The recent statement by Japanese Finance Minister Shunichi Suzuki regarding speculative moves in the currency market has brought attention to the impact these moves have on the Japanese yen. Despite the warning against excessive declines in the yen, the market continues to see fluctuations that do not align with economic fundamentals. According to Suzuki, various
A proposed $2 billion public-private partnership that sought to move two major league sports teams out of Washington D.C. and into a bond-financed arena in Northern Virginia has officially been called off. This decision came after D.C. Mayor Muriel Bowser and Ted Leonsis, the owner of the NBA’s Washington Wizards and the NHL’s Washington Capitals,
Amid criticism from lawmakers for not having a clear housing plan in place, Hawaii Governor Josh Green claims the state is making progress towards reducing recovery costs by transitioning people displaced by fires from hotels to permanent housing. Lawmakers have expressed concerns about the lack of a coherent budget for the costs associated with the
The month of March brought about an increase in rent prices for both one- and two-bedroom apartments after six consecutive months of stagnation. According to a report by Zumper, the average monthly cost for a one-bedroom apartment in the U.S. rose to $1,487, reflecting a 0.3% increment from the previous month. Similarly, the typical price
As tax season progresses, the municipal bond market is facing challenges and experiencing selling pressure as investors shift their focus from short-term securities to meet their tax obligations. This trend has caused muni bonds to underperform compared to U.S. Treasuries and corporate bonds, with negative returns month-to-date. Despite this, experts believe that the muni market
The municipal bond market experienced a mixed performance on Wednesday, with evident selling pressure on the short end due to few sizable deals pricing in the primary market. Despite this, munis have managed to hold relatively well as yields remain in a tight range. The AAA HG curve in the muni market has maintained stability