Markets

Summer redemption season starts winding down; Net negative supply stands at $18.777 while 30-day visible is at $12-plus billion.

The "no SALT no deal" Democrats appear ready to support the compromise reconciliation package negotiated in the Senate.

Municipals will end July with positive returns across all sectors. The Bloomberg Municipal Index shows a 2.49% return in July, moving year-to-date losses lower to 6.71%.

A rating upgrade by Moody's Investors Service means Minnesota has triple-A ratings from three major rating agencies.

The deal is the latest in a series of credit offerings the city is using to incentivize and grow the local charter school industry for the future.

Total July volume was $25.598 billion in 520 deals versus $37.573 billion in 1,013 issues a year earlier, according to Refinitiv data.

Investors added $236.491 million to municipal bond mutual funds, per Refinitiv Lipper data, versus the $698.782 million of outflows the week prior. High-yield saw inflows hit nearly $550 million.

Municipals are poised to end July in the black. Demand for muni product has been strong this summer, with analysts expecting supportive market technicals through August with a likely continuation of positive performance.

With the Fed committed to fighting inflation with aggressive rate hikes, fewer issuers want to take the risk with taxable advance refundings.

The Louisiana Bond Commission approved $600 million of notes to help pay Hurricane Ida damage claims after several insurers went bankrupt and up to $1.1 billion to build a biorefinery.