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The Municipal Securities Rulemaking Board is proposing a new rule that would require solicitor municipal advisors to disclose more information in writing, streamlining existing guidance in the process. The MSRB requested comment for draft MSRB Rule G-46 Wednesday evening. The rule would codify interpretive guidance from 2017 on its MSRB Rule G-17 on fair dealing
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Illinois Supreme Court justices posed questions but offered little indication of how they might be leaning during oral arguments about a lawsuit that seeks to halt repayment of $14.3 billion of Illinois general obligation bonds. The court faces two questions in John Tillman v. Gov. J.B. Pritzker et al. One asks it to clarify the
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Georgia native Alan Skelton will succeed David Bean as director of research and technical activities at the Governmental Accounting Standards Board April 1. Bean, who has served as the director since 1990, is retiring after 31 years in the position. Bean also has served as deputy chairman of the International Public Sector Accounting Standards Board
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Municipal yields rose on the back of U.S. Treasuries as the asset class could no longer ignore the large swings in its taxable counterpart. Triple-A benchmark curves cut yields anywhere from four to 10 basis points. Municipal to UST ratios rose with Thursday’s 10-year at 67% and the 30-year at 72%, according to Refinitiv MMD,
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New Jersey’s proposed budget features an odd mix of dynamics that include a pandemic, an election year, massive borrowing, significant federal aid and a major pension liability problem. Gov. Phil Murphy’s $44.8 billion fiscal 2022 plan before lawmakers would raise spending by more than 10% and earmark about $6.4 billion toward pensions in what would
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There is a strong possibility a highly anticipated major infrastructure bill won’t have any Republican support, a reality that would limit municipal bond provisions that advocates have been pushing for years. Infrastructure advocates have called for a comprehensive bill by this summer, but some say that bill is likely to go through budget reconciliation —
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Build America Mutual opened an office in Austin, Texas, to expand its presence in the state with its largest transaction volume. Greg Pacifico, managing vice president and head of Texas public finance, moved from New York to head the new office, while Vlad Puchek, an assistant vice president in the surveillance group, relocated from New
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The municipal bond market was quiet Friday after a volatile week that saw 10-year U.S. Treasuries hit one-year highs and hold there following comments by the Fed that it apparently dismissed. Federal Reserve Board Chairman Jerome Powell press conference didn’t necessarily change the market’s opinion that the Fed will need to move before 2023 and
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The writer is a fellow at the American Enterprise Institute, a think-tank Until recently, most generals and admirals retired to a quiet life. But that is changing as the Davos world of mostly frictionless global business is replaced by a new reality in which companies can be caught in the crossfire of geopolitical confrontation. Executives
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Once every generation or so, America’s social contract changes. After half a century in which capital has been in the driving seat, Joe Biden has a chance to tilt the advantage back to labour. Such an opportunity would have been unthinkable a year ago. The US left can thank the pandemic for this change in
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When Turkey raised interest rates more than market expectations last week, Naci Agbal was cheered by investors who viewed the move as more evidence that the central bank governor was willing and able to pursue a conventional monetary policy. Two days later, he was out of a job — the third governor President Recep Tayyip
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The top US immigration official said authorities were expelling the majority of migrants crossing the southern border, as the Biden administration battled a growing political crisis over the surging number of children entering the US. “The message is quite clear, do not come,” Alejandro Mayorkas told ABC. “The border is closed. The border is secure.
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Economists are cutting growth forecasts for the eurozone economy as a third wave of Covid-19 infections and vaccination delays spur tighter restrictions in several countries including France, Italy and Germany. The reintroduction of lockdown measures across Europe is fuelling concerns that the region could suffer another disappointing summer tourism season if vaccinations do not speed
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