Muni yields were bumped a basis point, while UST yields fell two to four basis points.

Federal Reserve Gov. Christopher Waller said monetary policy must remain insulated from political pressure, arguing that communication with the White House should be limited. Waller is slated to meet with President Trump Wednesday afternoon.

Inflation reports may drive markets in 2026 since the labor market is "sending mixed messages," said Kevin O'Neil, associate portfolio manager and senior research analyst at Brandywine Global.

Federal Reserve Gov. Stephen Miran said higher goods prices could be the trade-off for bolstering national security and addressing geo-economic risks.

Kansas City Federal Reserve President Jeffrey Schmid and Chicago Fed President Austan Goolsbee said in statements Friday that their dissents from this week's interest rate decision were spurred by inflation concerns and a lack of sufficient economic data.

"With its third straight rate cut, the Fed is sending a clear message: it's no longer just watching inflation — it's managing risk," said Gina Bolvin, president of Bolvin Wealth Management Group.

Muni yields were little changed, and have barely moved over the past several trading sessions, said Kim Olsan, senior fixed income portfolio manager at NewSquare.

Issuers mostly avoided pricing deals in the previous weeks the Fed met this year, but that's not the case this week, said Pat Luby, head of municipal strategy at CreditSights, and Wilson Lees, an analyst at the firm.

Much has changed since October and most economists are sure the FOMC will lower rates by 25 basis points this week, with dissenting votes expected.

The new-issue calendar falls to an estimated $1.154 billion, with $939.1 million negotiated deals on tap and $214.8 million of competitives.

The long-awaited jobs report paints a mixed picture for market participants: nonfarm payrolls increased by a greater-than-expected119,000 in September, but the unemployment rate rose to 4.4%.

With the government reopened and data flowing, the FOMC may cut rates again in Dec. Steve Skancke, Chief Economic Advisor at Keel Point, will break down the mee

The market is in a bit of a lull right now as it braces for a deluge of economic data, which could spark volatility, said Jeff Timlin, a partner at Sage Advisory.

Federal Reserve Gov. Christopher Waller said in a speech Monday that private and public-sector data suggests that the labor market is continuing to weaken, making a 25 basis point rate cut in December a prudent choice.

For munis, the end of the shutdown helps steady the backdrop, said James Pruskowski, an investor and market strategist.

Fed Gov. Stephan Miran has spent his short tenure at the central bank arguing that disinflation in housing and immigration reforms will tamp down inflation in the near term. But other economists say the timing, degree and context of those effects is very much in question.

Federal Reserve Bank of Atlanta President Raphael Bostic won't seek reappointment following the end of his current term on Feb. 28, 2026.

Federal Reserve Governor Stephen Miran said emerging stresses in housing and private credit markets warrant a reduction to short-term interest rates. While preferring a 50 basis point cut in December, Miran said he would settle for a 25 basis point reduction.

Federal Reserve Vice Chair Philip Jefferson said that as interest rates have moved toward a more neutral level, "it makes sense" now to proceed with caution.

In her first public appearance since President Trump moved to fire her from the Federal Reserve Board of Governors, Fed Gov. Lisa Cook reiterated her commitment to bringing inflation under 2% and said that the labor market remains "solid."