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Construction spending was up 1.4% in October, well above expectations, fueled by a 3.9% jump in public construction.

The overall economy grew for the 102nd straight time, the Institute for Supply Management reported Wednesday. Suppliers reported strength in sales.

As President Donald Trump fills the Federal Reserve Board with his nominations, Wall Street economists are busy trying to classify newcomers as inflation-fighting hawks or easy-policy doves. His latest pick might be tough to pin down.

If the Federal Reserve continues to raise the federal funds rate target, it risks inverting the yield curve, often seen as a precursor to recession, Federal Reserve Bank of St. Louis President James Bullard said Friday.

Federal Reserve Bank of Cleveland President Loretta Mester reiterated the central bank needs to keep tightening gradually.

Muni issuers rushing to get advance refundings done in December before Congress passes a tax bill that terminates them may face a halt in sales of state and local government securities because of the debt limit.

In the week ended Nov. 30, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose to 3.99% from 3.95% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Traders saw "a major flip in psychology of the market" as moves to bar private activity bonds and advance refundings met some resistance.

The group plans to sell roughly $1 billion of bonds, with a mix of btax-exempt and taxable debt.

A state fiscal monitoring board will consider for the first time in its 17-year history imposing spending cuts to the county’s budget.