Markets

Market participants broadly expected a rate hike, but the FOMC statement and press conference both rang more hawkish than what the markets probably anticipated, said Chris Brigati, managing director and CIO at SWBC.

Fitch Ratings revised its outlook to stable from negative on the Corpus Christi utility and S&P removed it from CreditWatch with negative implications.

That will help manage supply that could hit a record for a third consecutive year, investors said.

Market conditions are attractive on the long end, which has weakened, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

The Northern Illinois Municipal Power Agency returned to market for the first time in a decade as two of its three members re-evaluate their energy options.

The municipal market is completely a buyer's market right now, said Kim Olsan, portfolio manager at NewSquare Capital: "I wish I had more cash to put to work."

There is "a lot of nervousness in the Treasury market right now" ahead of the FOMC meeting, said Tim Iltz, fixed income credit and market analyst at H.J. Sims. That nervousness helped the 10-year UST hit 5% on Monday.

The lowered outlook is a sign of negative momentum for the district, which could affect how its paper prices in the primary and secondary markets.

The eight members of The Bond Buyer's 2026 Hall of Fame class helped shape not only major financings and institutions, but some of the laws, analytical approaches, market practices and professional networks that underpin municipal finance today.

Issuance this week is down from last week's $15-plus-billion new-issue calendar, partly due to the FOMC meeting.