In Brief

  • Chairwoman Yellen was cautiously upbeat about the economy in her testimony to the Senate Banking Committee, revealing that despite lingering concerns about inflation, the Committee is confident that if the economy continues to perform as they have forecasted, the central bank "will at some point begin considering an increase in the target range for the federal funds rate".
  • In overseas markets, tensions mounted when anti-austerity candidate Alexis Tsipras was elected Greece Prime Minister.
  • After weeks of posturing on both sides, the German Parliament approved a four month extension to Greece’s aid package, averting a possible default and exit from the euro by Athens.
  • We believe that note issuance in 2015 may decline from last year's level as positive tax receipts and fiscal restraint continue to play a roll in improving municipal balance sheets.