Markets

The $139 million refunding saved Alabama’s most populous county $12.35 million in debt-service costs.

The private developer building the new passenger terminal in Everett, Washington, used $50 million of tax-exempt bonds.

The muni market officially got much of what it has spent years fighting for on Thursday, when President Trump signed the banking bill that makes tradable, investment grade municipal securities high-quality liquid assets under federal banking rules.

The municipal market is grinding to a halt, as the long holiday weekend approaches, and market technicals are strong and should remain that way once everyone returns.

Respondents to the Federal Reserve Bank of Kansas City's monthly manufacturing survey reported stronger activity and optimism, while prices were little changed at high levels.

The covenant commits the state to four financial-restraint measures that lawmakers passed.

Home resales fell by 2.5% in April to an annual rate of 5.46 million, below expectations for a small decline to a 5.58 million pace.

Initial claims for U.S. state unemployment benefits rose by 11,000 to 234,000 in the May 19 week, well above the 220,000 level expected by analysts.

Scarcity mixed with strong demand and Fed announcements on rates and inflation helped munis outperform most fixed-income assets so far this year.

Veteran banker Michael Placencia will lead the firm's transportation and infrastructure efforts.