In recent months, Harvard University, a long-standing beacon of excellence and reliability in the municipal bond market, has faced an unprecedented decline in the value of its tax-exempt bonds. This decline is noteworthy, particularly for a university revered for its financial prowess and stability. Investors are growing uneasy amidst this turmoil, largely triggered by the
Politics
The recent budget decisions emerging from Washington, D.C., present a jarring juxtaposition between community needs and ambitious sports endeavors. As Mayor Muriel Bowser pushes through with the funding of a $3.2 billion stadium for the NFL’s Washington Commanders, critical social programs are being placed on the chopping block. A hiring freeze, cuts to a baby
In an era where climate change and environmental sustainability are at the forefront of global discourse, the state of California has once again found itself embroiled in a fierce battle against the federal government. The Trump administration’s potential repeal of California’s vehicle emission regulations stands as a testament to the widening chasm between state rights
In a financial landscape that feels increasingly precarious, Federal Reserve Governor Christopher Waller’s announcement that the Fed will not intervene in the Treasury market is both bold and controversial. Amid surging long-term bond yields and tepid demand for U.S. debt, his remarks reflect a commitment to fiscal discipline that many policymakers seem hesitant to embrace.
In an ambitious attempt to stimulate economic growth, states are grappling with a poignant reality: the cap on state and local tax deductions (SALT) continues to strain budgets that are already stretched thin. Analysis from the Tax Policy Center underscores a troubling trend; while some states are enjoying an uptick in personal income tax revenues,
The landscape of infrastructure funding in the United States is marked by intense political maneuvering and complex negotiations, particularly as the nation grapples with the urgent need for improvements in public transit. Recent discussions have underscored a fundamental concern: the continuing viability of funding mechanisms that have traditionally supported transit systems across the country. With
In the tumultuous waters of fiscal governance, few crises stand out as starkly as the Puerto Rico Electric Power Authority (PREPA) bankruptcy situation. The recent disputes over a staggering $3.7 billion administrative expense claim have laid bare the complexities and contradictions inherent in the relationship between the Puerto Rico Oversight Board (FOMB) and bondholders. As
The infrastructure landscape in the United States is marred by a troubling paradox. The Bipartisan Infrastructure Law, which promises a substantial infusion of $1.2 trillion, stands in stark contrast to the crumbling roads, congested highways, and dilapidated bridges that litter the landscape. While this gargantuan sum seems like it could herald a new era of
In the complex interplay of economics and trade policy, small businesses find themselves navigating treacherous waters. The recent warnings from Federal Reserve Governor Michael Barr have spotlighted the immense pressures placed upon these enterprises by new tariffs instituted during Trump’s administration. Contrary to popular belief that tariffs predominantly affect large corporations, it is the small
The recent downgrade of Maryland’s credit rating by Moody’s from a perfect triple-A to an Aa1 has sent shockwaves throughout the state. Far from being a mere number on a spreadsheet, this type of shift carries real implications that extend well beyond the balance sheet. It serves as a stark reminder that fiscal responsibility is