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Federal Reserve Bank of New York President John Williams said it's too early for officials to begin thinking about cutting rates as soon as March as they consider whether policy is restrictive enough to get inflation back to 2%.

The experts, hired by bond parties, say the Oversight Board's economic and expense assumptions underlying its plan of adjustment are too pessimistic.

After months of speculation, the firm confirmed it would "wind down" its municipal underwriting and market-making activities after a "broad-based review" of its muni business, according to a company memo.

Secondary trading showed clear strength across the yield curve Thursday with bellwether names trading up significantly from recent prints and original pricing levels. New-issues in the primary benefited with issuers repricing to lower yields and tight to triple-A curves.

The deal includes $300 million of new money to embark on a $1.4 billion five-year capital plan.

The Arizona Board of Regents adopted a report recommending greater oversight of its three universities after the University of Arizona hit financial trouble.

"The city's commitment to making the tough, but necessary, decisions to get on the path to financial prosperity is commendable," said Department of Community and Economic Development head Rick Siger.

Republican Congresswoman Lori Chavez-DeRemer pressured the Federal Highway Administrator to stop the state's tolling plan for highways in the Portland area.

Muni yields fell up to five basis points and dramatically underperformed USTs, as they are wont to do on FOMC days. Treasury yields fell as much as 29 basis points on the two-year and sent the 10-year down closer to the 4% threshold.

Ohio last week opened the first, and so far only, electric vehicle charging station funded under the Bipartisan Infrastructure Law.