Municipal Bonds

California, Connecticut Complete $2.1 Billion of Sales to Close Deficits A public agency in California, the U.S. state with the most municipal debt, and the wealthiest state, Connecticut, began taking orders today for $2.1 billion in bond sales to help with budget deficits.

U.S. Jobless Rate Jumps to 26-Year High of 10.2%, Posing Risk to Recovery The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983, threatening the emerging economic recovery and giving President Barack Obama and Democrats a bigger hurdle to overcome before next year’s Congressional elections.

Municipal-Market Turmoil Helped Eaton Vance's MacIntosh Forecast Jobless Eaton Vance Corp.’s Robert MacIntosh, who predicted a year ago that U.S. unemployment would hit 10 percent this quarter, bet that the municipal-bond market turmoil he was witnessing would “snowball” into a deep recession.

Florida State Investment Pool Securities Dealings With Banks Probed by SEC Wall Street firms that sold mortgage- backed securities to a $30 billion pool run by the state of Florida for local governments are under investigation for fraud by the U.S. Securities and Exchange Commission.

Treasuries Gain After U.S. Unemployment Tops 10% for First Time Since 1983 Treasuries gained after a report showed the unemployment rate exceeded 10 percent for the first time since 1983, signaling recovery from the worst slump since the Great Depression may be in danger of stalling.

Miami Mayor Regalado Seeks Pension Settlement Revamp to Avoid Budget Gaps Miami’s new mayor, Tomas Regalado, wants to tear up a 24-year-old legal settlement with municipal unions that swelled the city’s pension obligations and imperils its credit rating.

Obama Set to Sign Bill Extending Homebuyer Credit, Unemployment Benefits President Barack Obama is set to sign into law a bill that extends $8,000 tax credits for first- time homebuyers and unemployment benefits.

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