City of Houston, TX

Municipal bond buyers welcomed several big deals on Wednesday as demand outpaced new bond supply.

Playing a waiting game on Wednesday, portfolio managers were looking for volume to normalize.

Federal Reserve Board Chair Jerome Powell’s testimony before Congress was perceived by some market participants as increasing the possibility of a tighter monetary policy.

Fed Chair Powell's Congressional testimony failed to move municipal bond prices ahead of this week's new issue slate.

The municipal bond market is expected to give a warm reception to variety of new issues in the smaller-than-average $4.8 billion calendar.

The municipal market sees a lighter-than-average supply slate of $4.8 billion head their way this week.

Buyers will vie for about $4.8 billion of bonds next week.

“We’re headed to a place where we don’t necessarily want to be,” said the city's chief financial officer.

Municipal bond buyers adopted a cautious tone on Tuesday, waiting for trading volatility to die down before jumping back into the market.

Some municipal bond traders are describing an apathetic mood in the municipal market on Tuesday.

Municipal bond yields are rising as buyers look ahead to another smaller-than-average slate of sales heading to market next week.

Bond traders and buyers will keep an eye on rising yields as the municipal bond market sees a smaller than average primary slate scheduled for sale next week.

Municipal bonds strengthened Tuesday as the primary market shifted to holiday mode after breaking the December record for issuance.

The municipal market will be staffed by skeleton crews as the calendar has no negotiated deals and only small competitives, which don't even total $3 million — and another long holiday weekend right around the corner.

The city of Houston can move forward with its plan to sell $1 billion in bonds on Friday as part of Mayor Sylvester Turner's landmark pension reform passed by the Texas Legislature earlier this year, a judge ruled.

The muni market absorbed almost $58 billion, a record for December, before a holiday hiatus to end the year.

The long holiday weekend comes at a perfect time for tired muni market participants after a furious few weeks of action spurred by tax reform.

The two largest deals of the week touched down, as yields rose with comprehensive tax reform just a few President Trump pen strokes away from becoming official.

The primary market is still waiting for the last few deals of the week to hit, as both the holiday weekend and tax bill becoming law draw closer.

Only a handful of larger deals remain for pricing in the market on Wednesday, as comprehensive tax reform is imminent.