Markets

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 1.180% high rate, up from 1.050% the prior week, and the six-months incurred a 1.130% high rate, up from 1.105% the week before.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

Home resales fell by 1.8% in June to an annual rate of 5.52 million, below expectations for a smaller decrease to a 5.57 million, data released by the National Association of Realtors Monday showed.

Although total weekly volume is expected to be low, municipal bond traders will start the week running, with a few deals expected to price on Monday.

U.S. Virgin Islands governor Kenneth Mapp is cutting spending with an eye on moving toward a structurally balanced budget.

Moody's cited a vote to raise employer contribution rates.

Illinois bonds saw a slight price bump in reaction to Moody's confirmation of the state's Baa3 rating.

The drop in issuance comes despite a decline in yields over the past week that made the market issuer-friendly.

Assured Guaranty and Orrick, Herrington & Sutcliffe LLP expanded their business even as muni volume shrank amid political uncertainty.

Moody's Investors Service cited underperforming revenues and low pension funding levels.