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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.

Federal Reserve Bank of New York President John Williams said it's too early for officials to begin thinking about cutting rates as soon as March as they consider whether policy is restrictive enough to get inflation back to 2%.

"Although inflation has moved down from its peak — a welcome development — it remains too high," Powell said in the text of a speech Friday at the U.S. central bank's annual conference in Jackson Hole, Wyoming.

Not-for-profit community hospitals are drawing scrutiny for questionable business practices.

The bond division undertook two transactions last week to retire outstanding taxable public education capital outlay and state revolving fund bonds. The transactions used $200 million in program funds, along with additional money, to pay down $400 million in state debt.

Federal Reserve Bank of St. Louis President James Bullard, who called for aggressive interest-rate hikes to fight the recent inflation surge, resigned after 15 years in the position to become dean of a university business school.

After holding at its last meeting, the Federal Open Market Committee may decide to raise rates again in July.

Powell is set to appear on Capitol Hill this week for his semi-annual monetary policy testimony, the first time the Fed chief will answer questions from Congress in public since early March.

The Florida Department of Economic Opportunity said the state unemployment rate in May was steady at 2.6% for the fifth straight month, the lowest among the 10 largest states in the nation.

"This recent escalation of the Disney-DeSantis fight is unnerving, but it doesn't make that fight any more consequential for the municipal market," said Justin Marlowe of the University of Chicago.

Federal Reserve Bank of St. Louis President James Bullard said he thinks the U.S. central bank can still achieve a soft landing, with inflation returning to the Fed's 2% target without triggering a significant downturn.