Bonds

California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is

A committee formed by the California treasurer’s office has developed investor-driven guidelines for disclosure on green bond issuance. The thrust of the guidelines, created by the California Green Bond Market Development Committee, was to help issuers provide more uniform disclosure. It dovetails with the International Capital Market Association’s guidelines, but provides information more specific to

Two Federal Reserve officials signaled they favored pausing interest rate increases, while a third policymaker said the central bank’s task in subduing inflation was not complete. “We at the Federal Reserve probably have more work to do on our end to try to bring inflation back down,” Minneapolis Fed President Neel Kashkari said Monday during

Texas school districts, flush with new bond authorizations over the last year, are breathing a sigh of relief now that a cost-saving state guarantee program for their debt is fully back in business after the Internal Revenue Service increased its capacity for the first time since 2009.  In a notice of intent last week, the

President Joe Biden has tapped Philip Jefferson for the number two position on the Federal Reserve Board of Governors.  If confirmed, Jefferson, who joined the board last year, will succeed former Gov. Lael Brainard as the Fed’s vice chair. Brainard vacated the position to lead the National Economic Council in February.  A former administrator at

Massachusetts Gov. Maura Healey’s tax relief package is one step closer to passage despite slumping revenue figures. On Tuesday, the state Senate Ways and Means Committee unanimously passed a $55.8 billion budget for fiscal ’24, forwarding along to the Democratic-controlled chamber a $575 million tax cut plan that preserves many of the proposals the governor

Illinois trimmed its revenue estimates for the current fiscal year and must absorb higher social services expenses next year, leaving less room to maneuver as lawmakers finalize a supplemental spending package and new budget. They’re entering the homestretch of their spring session that’s slated to end May 19 with passage of a fiscal 2024 budget

California Gov. Gavin Newsom said “no” to revenue anticipation notes and a tax increase, but “yes” to climate and mental health bond proposals in the May budget revisions he presented Friday. Newsom stressed emphatically that the state has no plans to issue revenue anticipation notes despite expectations that $49 billion in anticipated revenues won’t come

The Federal Reserve said that banks reported tighter standards and weaker demand for loans in the first quarter, extending a trend that began before recent stresses in the banking sector emerged. The proportion of US banks tightening terms on commercial and industrial loans for medium and large businesses rose to 46%, up from 44.8% in

Massachusetts state senators intend to leave Gov. Maura Healey’s $748 billion tax cut package intact in their redrafted budget proposal despite falling state revenues. The fate of Healey’s tax-relief plan, which features a mix of tax rate cuts and policy changes including an expanded child and family tax credit, and was a centerpiece of her

For the first time during the two-month-old banking crisis, the Federal Reserve has taken a public enforcement action against a bank that saw its equity turn negative as a result of underwater bond investments. But the question is: Is this a one-time thing, or more of a trend? “They should use hammers more often, like

Federal Reserve Bank of St. Louis President James Bullard said he thinks the U.S. central bank can still achieve a soft landing, with inflation returning to the Fed’s 2% target without triggering a significant downturn. “Yes, the economy could go into recession, but that’s not the base case,” Bullard told the Economic Club of Minneapolis

Looking at the market’s choppiness and heavy supply, Columbus decided last week to push of its new money and refunding to this week, but little did officials know that the U.S. Treasury would throw a curve ball by suspending the sale of State and Local Government Series securities. City Auditor Megan Kilgore said the city’s

The Oklahoma House gave final approval Tuesday to a bill that would give as much as $250 million a year in tax credits to parents or guardians of children attending private schools, but will be a big hit to the state budget. The House will not send the measure to the governor for enactment until

The Virginia Public School Authority plans to issue $63.2 million of School Technology and Security Notes to support the state’s capital program for school rehabilitation. The five-year, tax-exempt Series XI notes are expected to be issued by competitive sale in denominations of $5,000 on or around May 9, according to the authority. The school authority anticipates

The federal government’s draft Supplemental Environmental Impact Statement on Colorado River conditions isn’t likely to trigger significant rating changes, but it could spur the seven states that use the waterway to reach a consensus on additional supply cuts and the future of the watershed, S&P Global Ratings said. The federal government has encouraged the states

Texas voters will decide the fate of 246 bond propositions totaling $26.67 billion on Saturday as the amount of debt on ballots continues a climb driven by public school district construction projects.  Schools account for 92.5% of the property tax-backed debt in the upcoming election, according to Texas Bond Review Board data. Their new proposals

American Indian tribes being squeezed by inflation and legacy obstacles to bond issuance testified in front of the House Appropriations Committee on Friday, calling for increases in federal spending to meet critical needs on tribal land. The sympathetic hearing was chaired by Rep. Tom Cole, R-Okla., a member of the Chickasaw nation who acknowledged a

Record state spending on California’s K-12 education will enable schools to retain stable credit quality despite a several-year drop in enrollment, Fitch Ratings said. The state’s schools experienced their sixth year of declining enrollment in fiscal 2023, dropping below 6 million students for the first time in 20 years, said Fitch’s report, released Thursday. The

A California appellate court Thursday resurrected a lawsuit accusing prominent Wall Street banks of conspiring to manipulate the variable-rate debt market. The 1st District Court of Appeal reversed a lower court ruling less than two days after hearing arguments in the case, which dates back nearly 10 years. It’s the latest turn in a series