Years of Growth
Credit Rating by
Metro Wtr Southern Cal
2022-2026 2028-2033 2036 Pxg Wed 6/23 Aa1 AAA NR
2027-2028 2034-2044 2046 2048 2051 Pxg 6/23 A1 A+
Los Angeles City TRANs
Due 6/23/2022 Pxg Tues 6/22 MIG-1 SP-1+
Ramirez to participate in SIFMA’s Diversity, Equity, and Inclusion Leadership Summit
October 7, 2020 – BNY Mellon Pershing – “Driving a Family Culture” April 14, 2021 – Bank of America Securities – “Impact & Inclusion” Event Up Next! June 16 & 27, 2021 – SIFMA
CREDIT AND MARKET STRATEGY
MUNICIPAL MARKET WEEKLY
June 21, 2021
Markets were in extreme risk-off mode last week as the FOMC scuttled investors’ belief in the “reflation” trade by projecting a median of two fed funds rate increases by the end of 2023, faster than markets had anticipated. The Fed made no change to the fed funds rate (0%-0.25%) or the asset purchase program on Wednesday, but revised slightly it’s timeline for rate increases, signaling a more hawkish stance against long-term inflation.
Full Weekly Report
Munis lagged and underperformed Treasuries despite a modest new issue calendar and another torrent of fund inflows one of the richest markets in history. New issue of $14.3 bil. was manageable and well-received, led by issues from DASNY, SE Energy, and WA Econ Dev Fin Auth. About $10.2 bil., or only 71.3% of new issue was tax-exempt. Fund inflows on the week were again staggering at +$1.85 bil. (+$34.37 bil. YTD), driven by fears of higher taxes.
SAMUEL A. RAMIREZ & COMPANY, INC.
FINANCIAL STRATEGIES GROUP – March 2021
Please find attached Ramirez & Co.’s Macroeconomic Outlook. In our report, we continue to monitor the US economy, global events and the Fed’s outlook on the economy and rates:
• The Covid-19 virus is slowing down and vaccination in the US is picking up. In all likelihood, the economy will follow Covid-19’s and the vaccination’s path
• The FOMC forecasts 2021 GDP to expand by 6.5%, contrasted with its December forecast of a 4.2% increase. And, the Fed forecaststhat real GDP will grow by 3.3% and 2.2% in 2022 and 2023, respectively, all well-above its 1.8% of sustainable longer-run growth
• The Fed funds rate remains unchanged at 0%-0.25%, and will remain as such, through 2023, according to the median FOMC estimate. The longer run Fed funds rate remains at 2.5%.
• For the foreseeable future, the Fed will continue its large-scale asset purchases (LSAP) at least at the current pace –$80 billion per month in Treasury securities and $40 billion per month in mortgage-backed securities
Members of our Financial Strategies Group, Niso Abuaf, Konstantin Semyonov and Duncan Sinclair, would be happy to discuss further any of the material with you.Full Quarterly Report