ADP said it expects the private sector added 139,000 jobs in February, "well below" the average for the past 12 months.
The estimate for January was revised down to 127,000 from 175,000.
Mark Zandi, chief economist of Moody's Analytics, said, "February was another soft month for the job market. Employment was weak across a number of industries. Bad winter weather, especially in mid-month, weighed on payrolls. Job growth is expected to improve with warmer temperatures."
Many investors go into the end of the year trying to catch up on tax-loss harvesting, but some analysts say market participants should be doing this year-round.
J.P. Morgan is scheduled to price the deal as municipal issuers confront shifting interest rates, secondary market supply, and evolving investor sentiment.
The rally has been more of a technical driver. Absolute yields and ratios, at least on the muni side, are very attractive, with the asset class becoming "oversold," said Whitney Fitts, director of municipal portfolio management at Appleton Partners.
Muni AI issuance may reach up to $11 billion in 2026, less than 2% of expected muni issuance, the firm said.
The Trump administration's signature tax policy is adding a $544 billion strain to an economy already burdened by bond yields not seen since the 1990's.
Moody's cited a weakened financial profile and increasing constraints on the authority's ability to raise rates.
