In the second week of September, 30-year municipal bond yields reached their highest level since February 2011. The 30-year Treasury rose to 5.37 percent, a level last seen in 2007, and the 10-year to 4.97 percent, its highest since 2023. For investors, these are attractive yields. But for local governments issuing debt in this market, they represent a substantial and durable increase in the cost of every yet-to-be-financed project.
Read Full Article »
