Silicon Valley Bank collapse adds wrinkle to FOMC meeting

With the collapse of Silicon Valley Bank and Signature Bank, the market is now expecting the Federal Open Market Committee to decide between a 25 basis point hike or a pause.

Moody's Investors Service raised Illinois' general obligation and sales tax-backed Build Illinois bonds by one notch to A3 from Baa1 and assigned a stable outlook. The upgrade also lifts the Metropolitan Pier & Exposition Authority's rating one notch to Baa2 from Baa3.

The state of Washington would allow local governments, school districts and the state to enter into long-term public-private partnerships to provide energy services for buildings under legislation passed by the House last week. The state's Clean Buildings Act, enacted in 2019, requires public buildings larger than 220,000-square feet to meet strict energy compliance standards by 2026, noted Democratic state Rep. Beth Doglio (pictured) during a Feb. 20 House Capital Committee hearing on the bill.

Gov. Phil Murphy was quick to announce $35 million in support for businesses in New Jersey affected by the collapse of Silicon Valley Bank. Two programs managed by the?New Jersey Economic Development Authority?will provide businesses in the state with critical short-term support and ensure investments "continue to flow" to emerging industries in the wake of the California bank's market-rattling collapse last week.

Municipals were little changed Tuesday in secondary trading as the $1.25 billion deal from the New York City Transitional Finance Authority took focus in the primary. Days after the Silicon Valley Bank collapse, U.S. Treasuries reversed course and sold off on the heels of the most recent inflation report.?