Markets

Under the agreement, the NBA's Thunder will play for at least 25 years in an arena that will be largely financed by a sales tax revenue bond sale later this year.

A growing rainy-day fund helped Alaska win a Moody's Ratings upgrade, bringing the state's issuer and general obligation bond ratings to Aa2 from Aa3.

"We expect no change to rates but [for the Federal Open Market Committee] to continue to signal that rate cuts should still be expected," said Cooper Howard, a fixed income strategist at Charles Schwab.

K-12 public schools get a $55 per-student increase in the state basic allotment, while other funding is allocated to specific purposes.

In the first quarter of this year, 18.6% of new-issue volume in the market was traded electronically, up from 17.3% last year, according to data from Coalition Greenwich.

After two weeks of a deluge of issuance, supply drops off "given the FOMC meeting and Juneteenth holiday, so we expect investors will refocus on the secondary market and look to scoop up any value left behind in the wake of the issuance onslaught," said Birch Creek strategists.

Issuance takes a bit of a breather due to the Juneteenth holiday and the Federal Open Market Committee meeting, Barclays strategists said.

BlackRock strategists are "constructive" on munis for multiple reasons and think the current market environment presents itself as a buying opportunity, especially as issuance continues to be elevated and provides "ample ability" to source bonds in the primary market.

Hospital spreads have widened as investors wait to see how the One Big Beautiful Bill will impact providers.

The bond panel approved $215 million in public facilities revenue bonds and $125 million in housing bonds.