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At issue is whether PREPA bondholders may get a portion of the roughly $575 million available for unsecured claims against Puerto Rico's government

Friday saw munis sell off once more with yields cut 17 to 28 basis points, pushing muni-UST ratios higher but not quite reaching Wednesday's levels.

The lawsuit says Education Secretary Linda McMahon illegally decided not to honor the extension of previously approved COVID-19 relief grants. 

Draft reconciliation bill text could be released within the next few weeks, said Brett Bolton, vice president of federal legislative and regulatory policy at the Bond Dealers of America.

"Anytime you get a market off 50 basis points in a day, the bulk of that move is being driven by fast money and the fast money is in ETFs," said Michael Pietronico, CEO at Miller Tabak Asset Management.

Yields rose significantly for the fourth time this week as the aftereffects of President Donald Trump's tariffs continue to plague the financial markets.

KBRA said the negative outlook reflects declining coverage of maximum annual debt service coverage from both a lower tax rate and declining rum sales.

Districts most vulnerable to cuts in federal programs are those already struggling from enrollment declines and other challenges.

"The discussion about policies regarding tariffs will drive performance in bonds over the next three to six months," said Michael Pietronico, CEO of Miller Tabak Asset Management.

From 90 basis points of movement in three days to rising ETF influence and potential tax status changes to municipal securities, this timely discussion from Thursday's Texas Public Finance event features real-time analysis and sharp insights from muni leaders at Morgan Stanley, BlackRock, Nuveen, Truist, and PFM.