The deadline for the phase-out of Libor at the end of 2021 will not be delayed and despite the effects of the COVID-19 pandemic, progress is being made on the switch to alternative reference rates. That was the message of New York Federal Reserve officials in two webcast presentations Monday and Wednesday.

Florida is ready to use the municipal bond market to achieve its goal of boosting the private space-launch industry. Gov. Ron DeSantis signed legislation in late June enabling Space Florida, the state's aerospace economic development agency, to bypass approval from the governor and cabinet to issue revenue bonds for private companies pursuing capital projects.

From the beginning, much uncertainty surrounded the coronavirus pandemic. But almost four months after stay-at-home orders started, economists agree on little about the shape of the recovery, the timing, and where things stand right now.

The Securities and Exchange Commission's temporary exemption to allow municipal advisors to arrange certain private placement deals is indeed narrow and conditions included in the order will discourage retail access to the market, regulators say.

The House is poised to pass along party lines a major infrastructure package which includes a new series of taxable direct-pay bonds and a restoration of tax-exempt advance refunding, though the partisanship of that process may make it difficult to forge an infrastructure bill in the Senate.

The California Infrastructure and Economic Bank approved a five-month extension for plans to price $3.25 billion in private activity bonds for a high-speed train to Las Vegas.

A bipartisan bill included in House Democrats' larger infrastructure package would expand the use of tax-exempt private activity bonds to finance small to mid-sized manufacturing and agricultural sectors. The Modernizing Agricultural and Manufacturing Bonds Act would change certain definitions to try to expand the use of small issue manufacturing bonds, known as industrial development bonds, and first-time farmer bonds, often referred to as aggie bonds.

Conservatives are digging in with the argument that reopening the economy is a better approach to battling the economic impact of the pandemic than a new round of federal aid to state and local governments would be. But the National League of Cities and other groups such as Moody's Analytics are warning that a nationwide economic recovery will be at risk of stalling if Congress fails to provide more aid.

The new Qualified Infrastructure Bonds, which are modeled after Build America Bonds, would have their direct-pay subsidies phase lower to 38% in 2025, 34% in 2027, and 30% permanently thereafter. The legislation also would restore tax-exempt advance refunding 30 days following enactment into law and authorize the issuance of $30 billion in qualified school infrastructure bonds (QSIBs) over three years.

Federal Reserve Chairman Jerome Powell is telling Congress that federal aid to state and local governments deserves their attention. In video testimony with the Senate Banking Committee and with the House Financial Services Committee, Powell said that the 13% of the American workforce who are employed by state and local governments represent a significant part of the economy.

The rally in municipal bonds slowed as yields rose modestly again on the short- and intermediate-ends of the curve Wednesday, as the long-end remained steady. The primary market is in full force now, though, as new deals are flooding the market.