Triple-A municipal bond yields fell a few basis points Wednesday following the Federal Reserve’s decision to hold rates and signal that only three rate cuts were likely in 2024, which sent U.S. Treasury yields plummeting down more than a quarter point on the short end while equities rallied and the Dow Jones Industrial Average closed

Two big Illinois issuers have scheduled refunding deals with planned pricings on Thursday, with the Illinois State Toll Highway Authority to issue $900 million of series 2024A senior revenue refunding bonds and Chicago’s Midway Airport to sell $393 million of series 2023C senior revenue refunding bonds.   Rising interest rates had made refundings thin on the

Municipals were mostly steady to a touch softer in secondary trading while newly upgraded gilt-edged Ohio upsized its general obligation refunding deal and repriced to lower yields. U.S. Treasuries improved on the day following cooler inflation data that many participants said would not move the needle on the Federal Reserve’s rates decision Wednesday. Triple-A yields

Municipals saw weakness for the first time since October after falling upward of 100 basis points since then, as investors are digesting the lower muni yield set amid richer ratios and weaker U.S. Treasuries. Triple-A yields rose one to three basis points with larger losses out long, depending on the curve, while USTs were mixed

Bondholders and other parties involved in the Puerto Rico Electric Power Authority bankruptcy returned to court Friday in an effort to move the needle on their opposing cases seeking better repayment terms. Bond parties defended their adversary complaint against Puerto Rico’s central government’s actions regarding PREPA since the central government emerged from bankruptcy in March

Texas and its public schools could face future budget pressures in the wake of last month’s passage of a constitutional amendment to decrease school property taxes, Fitch Ratings said Thursday. Proposition 4 was among 12 other constitutional amendments Texas voters approved Nov. 7 with many of the measures tapping surplus state money for tax relief

Alan Appelbaum, former managing director and head of Aegis Capital Corp.’s municipal bond desk, has agreed to settle Securities and Exchange Commission charges that he disregarded his obligations as a broker-dealer and violated antifraud provisions in his recommendation of certain variable interest rate structured products to seven investors. Without admitting or denying the findings, Applebaum,

California Gov. Gavin Newsom will need to close a $68 billion shortfall as he wraps up work on the proposed budget for fiscal 2024 that he will present to lawmakers in January. The upshot is that the flooding and massive storms that hit California in early 2023 and pushed income tax filings in the state