The Federal Reserve should not raise interest rates this year, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota repeated Friday.
Speaking on CNBC, he repeated his view that it will take years for inflation to reach the Fed's 2% target, and further stimulus rather than a rate hike is in order. "I don't see a near-term increase in interest rates as being appropriate, and by near-term I mean really through the course of 2015."
While Friday's muni session was muted, the damage of a volatile UST market, paired with low new-issue supply and year-end positioning, has weighed on the asset class in December.
A decline in debt service coverage drove S&P's four-notch downgrade for Salinas, California, sewer revenue debt, which it placed on CreditWatch negative.
The new Congress will have a full plate including deciding the fate of the Tax Cuts and Jobs Act and Internal Revenue Service funding in a legislature that's already showing cracks of disagreement.
Kotek has spent the past month working on a very busy agenda involving housing, fires, transportation and construction labor agreements.
High-yield funds saw outflows of $413.6 million compared to the previous week's outflows of $71 million.
Six Texas cities sued the state comptroller over a rule that altered where sales taxes would be collected on certain online purchases.
