The recent market developments have created a significant amount of volatility and uncertainty among investors. Municipalities faced losses as U.S. Treasuries yielded higher returns, prompting equities to sell off after a slowdown in GDP growth during the first quarter. This downturn in economic growth was further compounded by rising inflation rates, particularly with the core
Politics
The California Supreme Court has granted review of a case challenging retirement reforms state lawmakers approved 11 years ago, marking a return of pension spiking questions to the high court for the first time since a 2020 ruling on an Alameda County case. The new case — Ventura County Employees’ Retirement Association v. Criminal Justice
The financial impact of anti-environmental, social, and governance (ESG) laws on municipal borrowing costs has been a topic of recent research and analysis. A study conducted by the Oklahoma Rural Association reveals the consequences of a law that banned state and local government contracts with investment banks that “boycott” the fossil fuel industry. This article
Wyoming recently received a positive outlook from S&P Global Ratings, with the agency affirming the state’s AA issuer credit rating. This positive outlook comes as a result of the state’s healthy reserves and plans to increase permanent funds to mitigate revenue fluctuations. S&P analyst Savannah Gilmore highlighted the state’s robust budgetary performance over the current
A contentious rule proposal has a host of broker-dealer and investment firms calling for a rewrite as the effects on the municipal bond market portend calamity. Susan Joyce, head of muni trading & FI market structure at AllianceBernstein, expressed that the rules should be reconsidered and rewritten altogether. There is a significant concern about how
In the ever-evolving world of infrastructure law, Norton Rose Fulbright has made a significant move by bringing on board Patrick Harder to co-head the firm’s U.S. and North America infrastructure groups. Harder, a seasoned attorney with over 20 years of experience in public-private partnerships (P3) and infrastructure, joins Norton Rose after an impressive tenure at
During a recent Senate Finance Committee hearing, IRS Commissioner Danny Werfel defended the agency’s need for increased funding. Werfel requested an extension of IRA funding through fiscal 2034, arguing that it would generate additional revenue for the government. He highlighted the positive impact of the Inflation Reduction Act funding on the IRS’s operations, leading to
The Pennsylvania Department of Transportation has set a deadline of the end of April for the private sector to submit unsolicited proposals for transportation projects. The Office of Public-Private Partnerships at PennDOT is known for being one of the most active P3 state DOT agencies in the country, accepting bids twice a year in April
San Diego Mayor Todd Gloria recently unveiled a $5.65 billion proposed budget for the city, which includes borrowing and other short-term fixes to address a structural deficit. The budget plan focuses on increasing spending on homeless prevention programs, infrastructure projects, and critical services, while cutting non-personnel expenses and diverting funds from special accounts. However, the
Build America Bonds (BABs) have been experiencing significantly widened spreads in recent months due to a surge in refinancing activity. Despite a debate over the legal ability of issuers to call the debt, municipal bond strategists have observed a cheapening trend in the BABs index option-adjust spread compared to the ICE Broad Taxable Municipal Bond