Frank Gargano

Munis underperformed a UST rally, which had everything to do with Powell's speech at the Jackson Hole symposium and future Fed action, said Cooper Howard, a fixed income strategist at Charles Schwab.

"If unfavorable economic numbers ... are released next month, we should expect a hold on any rate cuts and a possible rate hike to follow, putting a damper on any positive returns for the rest of the year," said Jason Wong, vice president of municipals at AmeriVet Securities.

Issuance for the week of Aug. 18 remains elevated at an estimated at $6.166 billion, with $5.065 billion of negotiated deals and $1.101 billion of competitive deals on tap, according to LSEG.

Returns for the month currently stand at 0.64%, which have "pushed muni returns back into the green with year-to-date returns of 0.09%," said Jason Wong, vice president of municipals at AmeriVet Securities.

Over the past three trading sessions, MMD yields have been bumped nine to 12 basis points, while UST yields have fallen over 20 basis points on the front of the curve.

"If the narrative takes hold that the Fed is behind the eight ball and will need to cut rates several times in the coming months to catch up to the realities of a weaker economy, we expect muni yields will drift lower alongside treasuries," Birch Creek strategists said.

The asset class got a "much-needed boost" from inflows into muni mutual funds last week, said Birch Creek strategists.

Texas Capital joined the ranks of firms like Crews & Associates adding public finance talent, while SIFMA and Arteria AI partnered on a new platform in May.

In April, WisdomTree launched two new exchange-traded funds, Nuveen debuted a high-income separately-managed account product and more.

Harvard University's ongoing legal battles and the return to market by Chicago's Regional Transportation Authority lead a host of municipal topics in April.

The tax exemption is in the eye of a legislative storm to extend President Donald Trump's Tax Cuts and Jobs Act, but is it only the start of what's to come?

The Boston-based Nixon Peabody added seasoned municipal finance expert Michael Melzer as a partner, while Barclays lost three professionals.

In March, BlackRock debuted a new tax-exempt municipal interval fund, IMTC inked partnerships with Franklin Templeton and T. Rowe Price and more.

Notable deals include a $600 million refunding deal by the New York City Municipal Water Authority and almost $400 million from Rochester, Minnesota.

Firms like Siebert Williams Shank and Huntington have begun stacking their benches with municipal finance talent amid tax exemption uncertainty.

The $2.5 billion Brightline West and $849 million Hawaii deals stood out among the rash of issuances last month alongside the ongoing tax exemption debate.

PFM, Ramirez & Co. and other advisory firms are adding to rosters of municipal finance experts as the tax exemption hangs in the balance.

The tax exemption has been in place for more than 110 years, but Republicans say its removal is vital for prolonging many parts of the Tax Cuts and Jobs Act.

The short-lived federal funding freeze from President Donald Trump and jeopardy of tax-exempt status are just the latest issues plaguing the muni bond industry.

Sycamore Advisors adds two quantitative experts, PFM boosts its workforce consulting team and more talent shifts in December.