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Revenue generated by the bureau's 10 managed lane projects is, on average, exceeding original projections by 63%.

"Rural hospitals were already uninvestible, in our mind," Columbia Threadneedle's Shannon Rinehart said. "What this has done is blow up any chance they have."

"The careers of most financial advisors are transactional. They make money on bond deals. The more they do, the more money they can make," James Martling said. "But we got into long-term counseling for clients on long-term infrastructure projects." 

The relative rarity of the credit was compounded by their source of funds, the deal's size, and bond ratings slightly lower than New York state and city. 

Ryan's selection may indicate an SEC aiming to resolve more violations by other means than enforcement actions, one lawyer said.

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.

San Francisco Bay Area Rapid Transit has struggled to regain ridership after the pandemic.

The University of Chicago went to market this week, as the Trump administration has targeted higher education and faculty criticize budget and program cuts.

The President said in response to a press question about Federal Reserve Gov. Lisa Cook that he would fire her "if she doesn't resign" over allegations of claiming primary residence at two properties she owns, though the legality of such a move is unclear.

The State Bond Commission approved 21 municipal entities' elections on tax increases for infrastructure projects, with the increases possibly supporting bonds.