The Boston Globe reports, “For months, the Massachusetts Department of Transportation had been working to take advantage of rock-bottom interest rates to save nearly $70 million over the next two decades by refinancing hundreds of millions in bonds. But last week, just before the Federal Reserve raised its benchmark interest rate and bond markets continued to fluctuate, the agency was forced to halt its plans.” Officials cite two causes for the refinancing plan’s failure: the time needed to evaluate the impact of the turnpike’s transition to an AET collection system and the post-election interest rate change.
