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American Rescue Plan Act dollars amounted to around 22% of states' annual general fund budgets, according to a court filing from a trio of southern states fighting ARPA's restriction on tax cuts.

While muni performance has turned negative for October, "the asset class is significantly outperforming UST," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

In a letter to Federal Reserve Chair Jerome Powell, the chair of the Senate Banking Committee warned that the Fed was in danger of going too far in its efforts to tame inflation.

The bondholders say they are owed $8.3 billion of principal and billions more of unpaid interest.

Chicago, upgraded Friday by Fitch, will follow City Council's expected passage of a new 2023 budget next month with a new money general obligation bond issue.

As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.

The strength of the California economy suggests it deserves higher ratings, CreditSights said, but slowing revenues could mean the state's credit has peaked.

Levels fell back to pre-pandemic levels, state comptroller Thomas DiNapoli said, "so the notion that it's crashing and it's all gloom-and-doom is not a fair observation."

The top two municipal bond insurers wrapped $22.897 billion in the first three quarters of 2022, a 21.1% decrease from the $29.028 billion of deals done in the first nine months of 2021.