Markets

Congress needs to lift limitations on tax-exempt private activity bonds, say transportation advocates.

Chicago is "diligently preparing" to sell debt, now that the bond market has mostly recovered from April's turmoil, Chief Financial Officer Jill Jaworski said.

"We have got to keep the money coming in to transit," said Sen. Elizabeth Warren D- Mass.

"Munis are no longer moving on headlines; they're reacting to rates and supply," which is playing out again Monday after a choppy March and April, said James Pruskowski, chief investment officer at 16Rock Asset Management.

Municipals were cut up four basis points, depending on the curve, through noon.

Rising debt and interest payment ratios over more than a decade, to levels higher than other nations', prompted the downgrade, Moody's said.

Issuance for the week of May 19 is estimated at $11.667 billion.

At a Bond Buyer conference in Atlanta, industry leaders talked about tariff turmoil, the tax-exemption, weather resiliency, infrastructure and more. 

A couple of "bond-friendly" economic reports released Thursday could encourage the Federal Reserve to reduce interest rates in the near future, some analysts argued.

For most investors, partnership matters, said Jamie Doffermyre, head of public finance syndicate and origination at Truist Securities.