Transportation fare and tax revenues lost to the coronavirus can be countered with federal relief funding, says the Illinois Economic Policy Institute.
A provision banning the use of federal stimulus money to subsidize tax cuts has stalled business incentive programs, California business lobbyists say.
Refinitiv Lipper reported more inflows into municipal bond mutual funds to the tune of $592.4 million. Initial jobless claims fell to the lowest point since the pandemic began, moving Treasuries weaker while equities saw gains.
The primary led the secondary to lower yields as UST 10-year fell to lows last seen a week ago. Regional service sector surveys released Tuesday showed improvement, which feeds into the belief that inflation will rise in the near term.
Monday’s economic data suggested weakness, with existing home sales declining for the first time in four months and the Federal Reserve Bank of Chicago’s National Activity Index slipping into negative territory, but economists are not concerned.
Exactly one year after record billions were pulled from municipal bond mutual funds and the market was in free fall, municipals followed U.S. Treasuries this week as the markets continued to dismiss the Fed's outlook on inflation and rates.
Virginia was ranked 23rd in the nation for its seasonally adjusted unemployment rate in January as the COVID-19 pandemic continues to impact the economy.
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