Markets

With stocks and equities continuing their sell-off, munis continue to flex their muscles — even with a budget showdown in Washington taking place.

Respondents to the Federal Reserve Bank of Kansas City's monthly manufacturing survey reported slower growth in December, while expectations grew.

Personal income grew 0.2% in November, while spending rose 0.4%.

The University of Michigan's final December consumer sentiment index reading was 98.3, compared to the preliminary December 97.5.

Third quarter gross domestic product growth was revised down to a 3.4% gain from the 3.5% gain in the previous estimate.

Orders placed with U.S. factories for business equipment fell in November, missing forecasts for an increase and adding to signs that demand is slowing amid risks from the trade war with China.

The region's services sector decelerated, as the general business conditions index slumped to 3.9 in December from 43.3 in November.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was unchanged from 4.13% the week before.

The municipal market held firm on Thursday, as new issuance for the year ground to a near halt amid demand for safe investments.

Legal and accreditation problems led Fitch Ratings to lower its rating on the Florida HBCU six notches to CCC-plus.