The fiscal rebound of Pittsburgh, the former steel-city capital that shed a Rust-Belt fate by rebuilding its economy around universities and hospitals, has struck an obstacle that’s bedeviling municipalities nationwide.
The biggest holders of Chicago general-obligation bonds are diverging on the city’s outlook as it stares down $590 million in extra pension payments. State lawmakers invoke Detroit as the consequence of inaction.
U.S. stocks gained as the Russell 2000 Index erased a loss and data showing growth in housing starts overshadowed a drop in consumer confidence. Treasuries fell for the first time in four days amid speculation their rally went too far amid a strengthening economy.