Market Insights

Moody’s indicated it may upgrade the Illinois Regional Transportation Authority’s debt after the state legislature moved to eliminate the public transit system’s budget shortfalls.

Many are indicating the MUNI bond market will be set for a record supply next year. I have seen as much as 600B predicted in 2026, which is up 4% YOY.

Zohran Mamdani’s lead in the New York City mayor’s race over former Governor Andrew Cuomo has narrowed less than a week before Election Day, according to a Quinnipiac University poll.

• Articles are surfacing about the unprecedented and escalating attacks on the FED from President Trump. The attacks could backfire by hitting financial markets and the economy with higher long-term borrowing costs.

With Jackson Hole this week, we are seeing a lot of news regarding the FED. Most FED officials highlighted inflation risks as outweighing concerns over the labor market at their meeting last month.

• Brightline, the private rail line linking Orlando to Miami, refinanced $985M of junior debt at a record-high 14.89% yield, reflecting deep investor concern after delaying a July interest payment on $1.2B in munis.

Fed Officials Signal Possible September Rate Cut Amid Labor Softness: Three Fed policymakers — Daly (SF), Cook (Board), and Kashkari (Minneapolis) — expressed concern about a slowing labor market, citing weak July job gains and downward revisions to previous months.

This is a busy week for US debt issuance as the Treasury auctions off 3-, 10- & 30-year bonds and a heavy load of short-term bills.

As we know, the FED held rates steady on 7/30, Powell said interest rates are in the right place to manage continued uncertainty around tariffs and inflation tampering expectations for a rate cut in September.

Columbia reached a landmark deal with the Trump administration to restore federal funding for research, easing a crisis that has rattled the school’s faculty and undermined its leadership.

As investors brace for mounting financial strains on hospitals and healthcare systems amid estimates that legislation could push millions of Americans off their health insurance.