Markets

Fund flows "should be moving along a more positive trajectory, but they have yet to do so with munis unable to break free of the Treasury market's tight grip," Oppenheimer's Jeff Lipton said.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.

The state managed to grow revenues above forecast for the first two months of the fiscal year despite the delayed tax filing deadline.

With a light new-issue calendar ahead of the FOMC meeting, "secondary flows may benefit from greater attention," said Kim Olsan, senior vice president at FHN Financial.

The governor said the budget would needlessly wipe out a rainy-day fund.

"We believe investors should take advantage of the current high rates environment: investors should pick and choose bonds selectively in the coming weeks in anticipation of this tightening cycle's end after November," BofA strategists said.

Loop Capital Markets CEO Jim Reynolds, Jr. said he would gladly pay a bit more for a muni bond that tackled gang violence in Chicago during a debate on ESG factors among market veterans at The Bond Buyer's infrastructure conference this week.

The rating is the first so far released for a controversial debt sale that will begin financing a $5 billion, 15-year toll road expansion project.

The Miami metro area unemployment rate declined to 1.9% from the 2.9% reported in August 2022.

Refinitiv Lipper reported $116.737 million was pulled from municipal bond mutual funds for the week ending Wednesday after $798.474 million of outflows from the funds the previous week.