Finance

New York issuers lead a $9 billion slate.

The negative outlook affects about $1.1 billion in combined GO and lease revenue debt, according to Fitch.

The market has seen some "weirdness" in the muni curve, said Craig Brandon, co-head of muni investments at Morgan Stanley Investment Management.

"Municipal outperformance against taxable sectors has moved short-term ratios on or through their 252-day moving averages, while intermediate and long maturities are holding at or above average ranges," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

"Market volatility is likely to pick up, but the latest development does not constitute an escalation in the trade war," according to UBS strategists.

Markets are "tilting to a risk-off posture as participants brace for the chance of Trump tariff-sparked turbulence in the coming hours and days," said José Torres, senior economist at Interactive Brokers.

Moody's expects enplanements at the facility will remain below the low end of its former projections.

The county commission said it hopes to regain Moody's ratings this fall.

UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.

The growth of the muni market comes as issuance surges, with the first half of the year seeing $280.64 billion of supply, up 14.3% year-over-year, according to LSEG.