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The Securities and Exchange Commission has charged an Illinois-based broker with defrauding three investors out of $800,000 by luring them into investing in nonexistent tax-exempt bonds.

A majority of firms anticipate less volume in 2022 than the record hit in 2020, but how policies from Washington and the path of overall economic activity in a still-recovering global economy with COVID overhang make predicting volume more difficult.

Municipal yields fell as much as three basis points on Friday as Treasuries soared in a flight-to quality bid as stocks plunged on fears about the emergence of a new COVID variant.

ICI reported $1.43 billion of inflows into municipal bond mutual funds in the week ending Nov. 17, down from $1.61 billion in the previous week.

Former U.S. Treasury Secretary Lawrence Summers said Federal Reserve policy makers are signaling a “new era” in which they recognize the U.S. economy is overheating as inflation runs at its fastest in three decades.

No consensus on whether the judge will make changes to the plan before approval.

If enacted, Build Back Better would promote economic growth and likely have a limited impact on inflation, ratings agencies say.

Michigan expects to receive at least $10 billion from the federal infrastructure package that will give a boost to the state's Michigan Clean Water and Rebuilding Michigan programs.

Michelle Wu's election was an exception at the local level as voters rejected hard-left candidates and initiatives.

Municipal financial professionals have to work with elected leaders to develop better policies to issue more tax-exempt debt in a fiscally prudent manner otherwise the infrastructure investment gap will likely continue to grow.