Markets

For munis, the end of the shutdown helps steady the backdrop, said James Pruskowski, an investor and market strategist.

Rural providers face $137 billion in federal Medicaid cuts from the One Big Beautiful Bill Act.

Multi-layered state oversight, strict fiscal safeguards and durable revenue pledges support New York City GO and TFA bonds even as investors brace for policy shifts under mayor-elect Zohran Mamdani.

The Florida county is in the midst of executing a $9 billion capital improvement plan.

"Continuing yield stability ... suggests a comfortable market that, even with the shutdown apparently close to ending, may resist/lag potential price/yield changes in taxables," said Matt Fabian, president of Municipal Market Analytics.

The airport's sprawling capital improvement program is expected to total $11.5 billion over the next decade, $9 billion of it bond funded.

Some of the most active sectors have been education (+29%), GOs (+17%) and healthcare (+17%), said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

Assured Guaranty commented on Brightline and PREPA during its third-quarter earnings call, on which the company reported a 46% increase in third quarter gross par written year over year, to $7.85 billion from $5.38 billion.

The muni market may see additional volatility due to "uncertainties related to the future of tariffs and stronger inflation prints," said Barclays strategists led by Mikhail Foux.

Fresno, California, received a boost to positive from stable on its senior lien airport revenue bonds.