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The pace of housing starts posted a surprise 3.3% gain to a 1.297 million seasonally adjusted annual rate in November, well ahead of expectations for a 1.250 million pace.

Market experts see less municipal bond volume next year, far fewer bank loans, new buyers of bonds, and more volatility if the tax bill is enacted as expected.

After Puerto Rico failed to persuade Congress to ease the modified territorial tax system in the tax law, an opportunity zone measure helping the island may be included in a January emergency spending bill.

Tax revenues but are still ahead of projections for the year.

In an unusually busy Monday, municipal bond issuers tried to beat the clock and complete sales ahead of the impending tax reform.

The Railsplitter Tobacco Settlement Authority will price a $679 million current and advance refunding of tobacco bonds.

The threat of tax reform loomed large for firms responding to SIFMA's Municipal Issuance Survey.

Approval of the tax reform bill led the Florida Development Finance Corp. to cancel its Monday meeting to approve a deal for the train project.

Phillips County will get a new jail and law enforcement facility.

A limited tax base and heavy legacy obligations have hamstrung the city, according to the rating agency.