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Municipal AAA yield curves were cut up to another 42 basis points, depending on the curve, as of noon, pushing yields to multi-year highs and long-end muni to UST ratios above 100%. Muni yields have risen up to nearly 100 basis points in spots since the bond market rout began.

With no policy changes expected, analysts are eagerly awaiting the new Summary of Economic Projections for clues about future monetary policy.

The Federal Open Market Committee cut the fed funds target again in December but signaled fewer cuts in 2025. There was some dissent. The markets are watching to see if the Federal Reserve pauses its easing cycle in January. Brian Rehling, head of global fixed-income strategy at Wells Fargo Investment Institute, recaps and parses the previous day's FOMC meeting and Fed Chair Jerome Powell's press conference.

A week ahead of inauguration day, Scott Colbert, executive vice president, director of fixed income and chief economist at Commerce Trust, takes a look at how the Federal Reserve and the economy will fare in President-elect Donald Trump's second run in the White House.

Technicals could "break down" if there is a potential decline in risk assets or rising unemployment, particularly in white-collar jobs, said Jeff Timlin, a managing partner at Sage Advisory.

A hearing for four separate federal lawsuits seeking to block the congestion pricing plan is set for Dec. 20.

The Republicans are using "magic math" to disguise the cost of extending the TCJA, Sen. Elizabeth Warren said.

Now a Fox Business host, Duffy while in Congress sat on the Financial Services, Budget and Joint Economic committees.

The results of the Nov. 5 polls will address many key municipal market policies.

The district plans to price about $100 million of bonds Thursday, the first since Gov. Ron DeSantis took over control of it by appointing its board of supervisors.

For municipals, Wednesday "marks a crucial step forward, perfectly aligned with the current risk landscape," said James Pruskowski, chief investment officer for 16Rock Asset Management.

Given the Fed's reluctance to "surprise markets or take actions that could be perceived as overtly political," Interactive Brokers Chief Strategist Steve Sosnick said, "we find it hard to believe that anything other than 25 bp is the likely outcome for the upcoming FOMC meeting."

AHCIA has languished since 2016 — is it time to consider alternatives?

The calendar next week largely continues "the elevated pace of primary market volume seen since May, against a backdrop of broadly supportive fund flows (LSEG inflows for eight consecutive weeks), somewhat better dealer positions (although still heavy), mid-August reinvestment to spend, but lighter late summer attendance," said J.P. Morgan strategists led by Peter DeGroot.

Tim Walz will be joining Kamala Harris on the Democratic ticket, bringing issues such as infrastructure investment, the child tax credit and his work in public schools front and center.

Vance has called for eliminating the SALT deduction, calling it "massively redistributive toward the lower- and middle-income brackets."

"Lobbyists have to be prepared for any eventuality," said Chuck Samuels, attorney at Mintz Levin and counsel to the National Association of Health & Educational Facilities Finance Authorities.

California's Inglewood Transit Connector Project, Chicago's Red Line extension, New York-New Jersey's Hudson Tunnel and the Second Avenue subway would all win funds under the spending proposal.

It was a good day for munis with larger deals clearing the primary and secondary trading showing a more constructive tone with triple-A yields falling a few basis points amid a stronger session for all markets.

Tourism raised $35.2 billion in taxes in 2022, consisting of $18.9 billion in federal tax revenue, $8.1 billion in state tax revenue and $8.2 billion in local tax receipts, according to a report.