Markets

Rep. Jason Smith sold colleagues on his intentions to strictly oversee the Biden administration.

Most top 10 issuers are from New York and California, with four from New York and two from the Golden State.

This week's "manageable" calendar will continue what has been a quiet start to the new year in the municipal market, according to John Mousseau, president and chief executive officer and director of fixed income at Cumberland Advisors.

Significantly fewer households expected to be in worse shape in the coming year than was the case last summer, according to a December survey. The results are a positive sign for banks at the start of earnings season.

Investors will be greeted Monday with a new-issue calendar estimated at $4.303 billion.

Outflows continued as Refinitiv Lipper reported $2.477 billion was pulled from municipal bond mutual funds in the week ending Wednesday after $1.946 billion of outflows the week prior.

Chicago returns to the market later this month with a deal under its Sales Tax Securitization Corp. credit that will offer the city's first social-designated bonds along with a refunding piece that includes the paydown of GO bonds through a tender.

The organization is focused on some key muni priorities with the new year and new Congress.

California's state water board asked IBank to issue $650 million in water revenue bonds.

The muni market "is being teed up to enter 2023 from a relative position of strength," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.