Michelle W. Bowman was sworn in Monday as a member of the Board of Governors of the Federal Reserve System, the Fed announced.
The oath of office was administered by Fed Chair Jerome H. Powell. Bowman was accompanied by her husband and her two children.
Bowman was confirmed by the Senate on Nov. 15.
While municipals have outperformed USTs on the whole in 2024, they will close December with losses. How taxables perform in early 2025 coupled with macroeconomic and policy uncertainty have municipal market participants on edge for what lies ahead.
The debate over the debt limit has exposed rifts among Republicans, who will take full control of Congress on Friday.
President-elect Trump and Washington, D.C., Mayor Muriel Bowser renew relations as the city braces for the inauguration, and a stadium site transfer from federal control which could spur a floodgate of bond issuance.
The muni market saw $507.585 billion of debt issued in 2024, up 31.8% from $385.061 in 2023. This surpasses the previous record of $484.601 billion in 2020 by more than $20 billion, per LSEG data.
Cuyahoga County and Cleveland will each pay $20 million to fund capital repairs at the venues that host Cleveland Cavaliers basketball and Guardians baseball.
Prolific debt issuance by Texas school districts, state issuers, and others drove muni volume to a state record in 2024, easily surpassing 2023's $59 billion.
