Unless risks materialize, Federal Reserve Bank of Boston President Eric Rosengren see rates being raised gradually until they are "mildly restrictive."
By raising rates slowly, it averts "a more forceful response" when risks arise, he told a gather in Dalton, Mass., Friday, according to text released by the Fed.
Rosengren said his views are consistent with those in the Summary of Economic Projections, which expects the federal funds rate target to rise to 3.4% in 2021. "Of course, if risks become more germane, a different path may be warranted," he noted.
Eric Rosengren, president of the Federal Reserve Bank of Boston, looks on as mortgagees arrive at a foreclosure prevention workshop sponsored by the Federal Reserve Bank of Boston and the New England Ptriots Charitable Foundation at Gillette Stadium in Foxboro, Massachusetts, U.S., on Tuesday, Aug. 12, 2008. The number of foreclosures in the U.S. are "growing," Rosengren said in an interview with Fox Business News. Rosengren speaks as some investors are hoping the worst of home-price declines and defaults on home-loans are in the past. Photographer: Neal Hamberg/Bloomberg News
July will see $35.2 billion of redemptions, down 13% month-over-month but still 35% higher than 2024's monthly average of $27 billion, said Pat Luby, head of municipal strategy at CreditSights.
After the west abutment on the Rapidan Dam partially failed last week, it's up to the Blue Earth County board of commissioners to pursue repair or removal.
The Contra Costa County Office of Education gave West Contra Costa Unified School District until July 17 to pass a budget, or have the county office step in.
"With a nonexistent new-issue calendar and heavy dealer balance sheets, we expect the muni market to get a bit 'grabby' over the next few weeks," AllianceBernstein strategists said.