The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different. For rates that may be applicable to your municipality, contact our Municipal Bond Advisors, Larry Kleeman and Beth Warren.
Federal Reserve officials are barreling toward another interest-rate rise of 0.75 percentage point at their meeting Nov. 1-2 and are likely to debate then whether and how to signal plans to approve a smaller increase in December. “We will have a very thoughtful discussion about the pace of tightening at our next meeting,” Fed governor Christopher Waller said in a speech earlier this month. Some officials have begun signaling their desire both to slow down the pace of increases soon and to stop raising rates early next year to see how their moves this year are slowing the economy. They want to reduce the risk of causing an unnecessarily sharp slowdown. Others have said it is too soon for those discussions because high inflation is proving to be more persistent and broad.
Source: Wall Street Journal
A new city ordinance aims to crack down on the soaring rate of catalytic converter thefts by allowing Wichita police to seize parts they believe to be stolen. According to police, 1,360 catalytic converters were reported stolen from Wichita vehicles in 2021. This year, there have been nearly 950 thefts so far. The new ordinance makes it illegal to possess, receive, reuse or collect the parts without proof of ownership or other documentation, including a service order requiring the removal of the part or a letter from the Wichita Police Department allowing possession of the catalytic converter.
Source: Wichita Eagle
Yield on the 10-year Treasury hit a fresh 14-year high on Friday, while the 2-year note traded in territory last seen in 2007 as signs of a recession worried markets. The 10-year Treasury yield was last at 4.2843%, after rising by close to six basis points. This marked the highest level the benchmark note has traded at since 2008. The yield on the 2-year Treasury climbed to a new 15-year high of 4.639% on Friday. It was last almost flat at 4.609%. … Market concerns about a recession have been growing stronger in recent weeks, as data is reflecting signs of economic contraction, while the Federal Reserve continues to strike a hawkish tone. Speaking at a panel discussion of business leaders on Thursday, Federal Reserve Governor Lisa Cook said inflation was “too high” and that the central bank would continue to take measures to throttle it “until the job is done.” A 75 basis point rate hike is widely expected to be implemented at the Fed’s November meeting. Central bank speakers have said rate hikes will likely continue in 2023.
Source: CNBC – Bonds
City leaders are asking Lawrence residents to weigh in on whether changes should be made to the city’s sidewalk repair program. The program requires certain property owners to pay part of the costs to make repairs, and has been controversial with some residents, who say the city should treat sidewalks like other infrastructure and take full financial responsibility. The format of the current program has so far resulted in the city paying about 70% of repair costs, with the remainder being paid by property owners.
Source: LJWorld
The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different. For rates that may be applicable to your municipality, contact our Municipal Bond Advisors, Larry Kleeman and Beth Warren.
Philadelphia Federal Reserve President Patrick Harker on Thursday said higher interest rates have done little to keep inflation in check, so more increases will be needed. “We are going to keep raising rates for a while,” the central bank official said in remarks for a speech in New Jersey. “Given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4% by the end of the year.” The latter comment was in reference to the fed funds rate, which currently is targeted in a range between 3%-3.75%.
Source: CNBC
An extension for the Sports of the World sales tax exemption was approved by the Garden City Commission on Tuesday at its regular meeting. Danielle Burke, Assistant City Manager, said several actions have already been made on the project, dating back to 2017. One of which was the 2019 approval of a development agreement with GC Investments, Inc. A component of the agreement was an industrial revenue bond providing an exemption from applicable retail sales tax on construction materials, equipment and furnishings that are allowed by state statute, Burke said. An expiration date was included in the resolution when it was adopted three years ago, so it needs to be extended.
Source: Garden City Telegram
The Kansas Water Office (KWO) released the finalized 2022 Kansas Water Plan (KWP) this week. This is the first comprehensive water plan for the state of Kansas to be released since 2009 and provides a roadmap for navigating the vast array of water issues throughout the state. The water plan provides an outline for management, conservation and development of the state’s water resources. To do so, it names five guiding principles – conserve and extend the High Plains Aquifer; secure, protect and restore our Kansas reservoirs; improve the state’s water quality; reduce our vulnerability to extreme events; and increase awareness of Kansas water resources.
Source: Fort Scott Biz
… the price of natural gas — one of many factors going into the cost of electricity — is expected to spike again during the winter months of 2023. City officials in Hoisington and across the state are resorting to a variety of measures to mitigate the increasing cost of purchased power, a big chunk of a monthly electric bill. Hoisington City Manager Jonathan Mitchell said that some of those out-of-the-box measures have been going on for a while. “A thing that we’ve done internally is to make changes to our staffing structure,” Mitchell said. “We’re reducing staff; trying to be as lean and mean as we can and still get things done.” Fifteen years ago, Mitchell said, city employees numbered 41 in the community’s various departments. That number has since been reduced to 27. “We’re always taking costs and purchases very seriously,” he said. “But prices are rising everywhere; it’s across the board.”
Source: Great Bend Tribune
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