- Moody’s indicated it may upgrade the Illinois Regional Transportation Authority’s debt after the state legislature moved to eliminate the public transit system’s budget shortfalls. The company said on Tuesday that it will review the rating on approximately $1 billion of the authority’s outstanding bonds for a possible increase. We continue to watch this credit, as the financials have been improving over the last couple of years.
- US companies shed 11,250 jobs per week on average in the four weeks ended Oct. 25, according to data released Tuesday by ADP Research. The figures suggest the labor market slowed in the second half of October, compared with earlier in the month. ADP’s most recent monthly report, released last week, showed private-sector payrolls increased 42,000 in October after declining in the prior two months. As we have reported, with the Government shutdown, outbound data has been nonexistent. Equities are rallying due to the anticipation of another rate cut in December, while yields are steady to slightly up.
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