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As Chicago Public Schools tries to get its fiscal house in order, it faces management turmoil, risks to federal funding and threatened immigration raids.

San Francisco's commercial real estate struggles, Oakland's looming bankruptcy concerns, and the broader economic headwinds facing the Bay Area take center stage in this episode. Chris Thornberg of Beacon Economics and public policy analyst Marc Joffe join senior reporter Keeley Webster to discuss the impact of hybrid work trends, housing shortages, tax policies, and what it will take for these cities to stabilize their financial futures.

Gov. Kathy Hochul's $252 billion state budget proposal calls for lower-bracket income tax cuts and one-time cash payouts for everyone.

The change, which marked a move away from recent norms, was made since President Donald Trump took office on Jan. 20, the people told Reuters.

MSRB believes "it's an appropriate time" to launch a holistic review of its municipal advisor rules, CEO Mark Kim said.

Investors added $741.7 million to municipal bond mutual funds in the week ending Wednesday, following $2.078 billion of inflows the prior week, according to LSEG Lipper data.

Dealer groups are urging the Municipal Securities Rulemaking Board to change the way it charges fees to municipal advisors.

State and local governments are on strong financial footing and are investing in Treasury securities as chaotic federal moves shake out.

Even with the possibility of inflation and fiscal policy-induced headwinds, there is much to be optimistic about in the muni market, despite some possible near-term turbulence, said GW&K strategists.

U.S. District Court Judge Laura Taylor Swain extended the bankruptcy's litigation stay to March 24 as mediators expressed hope about progress on a deal.