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The Chicago Board of Education passed a balanced $10.26 billion budget that leaves the city government to pick up non-teacher pension contributions.

Thanks to strong technicals and the anticipated interest rate cut by the Federal Reserve at its September meeting, municipal bonds posted positive returns of 0.87% in August, reversing their losses of 0.20% in July, according to Jason Wong, vice president municipals at AmeriVet Securities.

"As soon as you step back from the table, you may wind up on it," NABL's chief policy officer said.

Aleon Metals, along with its subsidiaries, which sold more than $300 million of tax-exempt revenue bonds since 2019, filed Chapter 11 bankruptcies in August.

"Another set of eyes helps improve the deal for everybody, including the borrower, because the borrower is going to want a successful venture too," said John Miller, head and chief investment officer of First Eagle's municipal credit team.

Special budget sessions, falling tax revenues and provisions in the One Big Beautiful Bill Act are combining with tariffs and cuts to the federal workforce to create headaches for the states.

Issuance year-to-date is at $386.689 billion, up 14.9% from $336.478 billion over the same period in 2024.

Data center projects, which are proliferating across the country, are taking advantage of tax breaks that can be costly for states and local governments.

Issuance for the week of Sept. 2 is at an estimated $7.457 billion, with $6.179 billion of negotiated deals and $1.278 billion of competitive deals on tap, according to LSEG.

Philadelphia's economy has been growing. But deep cuts Pennsylvania may impose on the regional public transportion system could have serious negative impacts.