Markets

Construction spending was up 0.7% in December, above the expected 0.5% gain, mainly due to the 0.8% gain in private construction spending.

The overall economy grew for the 105th straight time, the Institute for Supply Management reported Thursday.

Nonfarm productivity fell 0.1% in the preliminary estimate for the fourth quarter, compared with expectations for a 0.7% gain.

Initial claims for U.S. state unemployment benefits fell by 1,000 in the January 27 week to 230,000.

There was no consensus on prospects for a federal infrastructure plan at Wednesday's Bond Buyer event.

Municipal bond market participants are weighing in on what they think about what President Trump said about infrastructure in his State of the Union address.

Historically, the vast majority of state and local government series securities were purchased for advanced refunding escrows until tax-exempt advance refundings were banned after 2017.

Municipal bond volume evaporated in January, as the market felt the aftereffect of federal tax legislation that pulled issuance forward into 2017.

Municipal bond market participants are weighing in on President Trump's call for infrastructure financing in his State of the Union address.

It will take some time to see how both tax reform and infrastructure makes an impression on the muni market, said panelists at The Bond Buyer's National Outlook 2018 Conference.