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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.