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Federal Reserve Bank of Kansas City President Jeff Schmid said that the central bank should continue its focus on curbing inflation, as the job market is "largely in balance."

The state's government now expects general fund revenues to decline 2.3% in the current fiscal year from the previous fiscal year.

S&P Global Ratings warned that Indiana's property tax reform law, Senate Enrolled Act 1, creates uncertainty for local income tax-backed debt.

Retail offerings from California and Connecticut led the market Wednesday.

It affirmed the California city's Aaa issuer rating, but cited the drag on revenues from tepid tourism numbers and liabilities from child sexual abuse claims.

Housing advocates are resuming a fracas with the federal government over Build America, Buy America requirements they claim are slowing down efforts to build more affordable housing, which relies on private activity bonds.

If Gov. Gavin Newsom signs the two bills, it would be credit positive for San Francisco area transit, Moody's Ratings analysts said.

An SEC investigation "is not a litigation," said Kathleen Marcus, a partner at Stradling Yocca Carlson & Rauth.

A lawsuit filed in federal court by 17 states against the Trump administration targets a presidential memorandum ending federal approvals for wind energy.

Secondary selling pressure and the larger calendar weighed on the market Tuesday.