The impacts of climate change are already here, and affecting the fixed income markets.
Municipal bond issuers are expected to sell $21.4 billion in debt over the next month.
Murphy said that the cap is “bad public policy and is frankly unconsitutional in our judgement.”
U.S. states appear unlikely to adopt the ultra-long term bonds used in Europe and considered by the Treasury.
The volume of new debt sales in September is poised to rival or exceed the $38 billion that was issued in August.
More are planning to sell bonds that don't mature for 100 years.
Broker-dealer IFS Securities suffered substantial losses it attributed to transactions by a high-ranking employee.
The biggest Wall Street firms are benefiting the most from the rush this year into municipal bonds.
Interest rate declines may prompt states and cities to make a bond-market end run around the federal government.
Year to date, the Bloomberg Barclay's index tracking munis has returned 3.2 percent.
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