Oxford University professor Brent Flyvbjerg has concluded that about 90% of megaprojects do not meet expectations of costs or benefits, a phenomenon he describes as the "megaproject paradox." His research has lessons for municipal investors.
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Litigation in Arizona, Oklahoma, Texas, and Utah could determine bond issuance, culpability for defaults, or the constitutionality of underwriter bans.
"As September draws to a close, some dynamics may prevail in October but others could undergo a shift," said NewSquare Capital's Kim Olsan. "One aspect that will continue is the level of supply coming to market."
Federal Reserve chair Jerome Powell flagged a recent upward revision to income and savings data as a sign of economic strength. He said the information could factor into the central bank's monetary policy discourse during the Fed's next interest rate meeting in November.
The President is considering calling a special session to deal with hurricane damage.
September volume came in over $44 billion leading volume year-to-date to hit more than $380 billion, just shy of 2023's full-year total issuance.
Puerto Rico's electric reliability is likely to continue to deteriorate without access to the capital markets, the investors said.
