Finance

"Markets are reading this as a strategic pause, not a policy shift," said Gina Bolvin, president of Bolvin Wealth Management Group.

Downgrades of three private universities in the Northeast reflect enrollment pressures facing the higher education sector, particularly in that region.

The muni market has rebounded from the technical pressures of the first half of last year — a result of surging issuance — said John Miller, head and CIO of First Eagle's municipal credit team.

Chicago general obligation bond prices have dropped sharply since the start of the year, according to the Center for Municipal Finance's muni indices.

After Ken Paxton's opinion said giving preferences based on sex or race is unconstitutional, his office set a new certification requirement for bond issuers.

Munis were steady Monday following the large cuts the asset class saw last week, specifically on Tuesday, Jan. 20.

Munis were the best-performing U.S. fixed-income asset class through the first three weeks of January, but the strong performance has created some problems, Barclays strategists said.

"Of all these headlines, there's no direct concern for the muni market or municipal issuers. It's just tangential concerns of what this does for the economy and rates," said Brad Libby, fixed income credit analyst at Wellington Management and a fixed income portfolio manager with Hartford Funds.

Current events and financial developments outside of the muni sector mean that investors should hold off buying munis until rates correct, said Matt Fabian, president of Municipal Market Analytics.

The rates market is "on edge" as global fiscal and geopolitical pressures collide, said James Pruskowski, managing director at Hennion & Walsh.

Republican Ken Paxton said his first-of-its-kind legal opinion aims to dismantle diversity, equity, and inclusion practices in the Lone Star State.

Fitch's three-notch senior bond downgrade reflects "substantial credit risk."

The new-issue calendar is an estimated $10.836 billion, with $6.979 billion of negotiated deals on tap and $3.857 billion of competitives.

Foothill-Eastern Transportation Corridor Agency, one of two toll systems operated by The Transportation Corridor Agencies, received a ratings boost to A3.

The Florida train is struggling to generate enough revenue to pay its debt.

Federal Reserve Vice Chair for Supervision Michelle Bowman warned that labor market conditions could weaken further and said the central bank should avoid signaling a pause in monetary policy.

"We're starting off from a really high tax equivalent yield and that really starts the market from a position of strength," said Matt Norton, CIO for municipal bonds at AllianceBernstein.

January got off to a good start, with muni yields rallying through Jan. 7. Since then, yields have been steady to slightly richer in spots, with muni yields seeing some strength in the front end and belly of the curve.

Eurostar veteran Nicolas Petrovic will oversee the Florida system while Mike Reininger will focus exclusively on Brightline West.

Moody's Ratings downgraded Fridley Independent School District three notches, to Ba3 from Baa3, and placed its bond ratings under review for downgrade.