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Although the proposal ultimately didn't become law, that disconnect created an attractive entry point for investors because prices reflected tax policy fears — not deteriorating municipal credit.

Philadelphia has spent the last decade building up its reserves and pension funds. A state oversight board says it can keep doing so for another five years.

After the week's losses, August could kick off with a "buyer's market" for munis, Peter DeGroot wrote for J.P. Morgan.

Analysts say the drought, which is expected to continue for at least several months, could have economic impacts.

Maryland has inked an $85 million deal to secure the rights to the Preakness Stakes by authorizing the Maryland Economic Development Corp. to issue revenue bonds to fund the sale.

President Trump took center stage at the announcement of $20 billion of upgrades to Washington Dulles International Airport, but financing was left to munis.

A California-based technology company was early in the contract phase of acquiring land in Oregon's capital city to build a data center.

With longer-term municipal bond yields falling, there's less of an incentive to issue tender option bonds, analysts said, but a market remains. 

The planned Sites Reservoir project in California faces financial uncertainty as officials await a regulatory decision about its usable water supply.

Wednesday's FOMC meeting helped sparked a selloff in U.S. Treasuries. On Thursday, it was the muni market's turn to react, MMA's Kevin McGuigan said.