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Recent one-time funds from the American Rescue Plan Act and higher-than-projected revenues for many states are in many cases being put into infrastructure.

The current prohibition against tax-exempt advance refunding was used as a minor pay-for in the GOP’s Tax Cuts and Jobs Act that cut personal and corporate tax rates.

Lawmakers packaged revenue, social justice and market positioning while flexing political muscle when they voted to legalize marijuana.

Municipal bond provisions were not mentioned, but stakeholders expect those details to be hashed out in what is likely to be a protracted battle in Congress.

The bill comes days before the Biden administration will reveal its infrastructure plan. Sources have said municipal bond provisions are likely to be included in an infrastructure package.

ICI reported another week of inflows at $2.23 billion. U.S. Treasuries strengthened further as COVID-19 concerns linger with shutdowns in Germany and spreads elsewhere. Equities were mixed.

Federal Reserve Chairman Jerome Powell said prices would rise this year as the pandemic recedes and Americans are able to go out and spend, but he played down the risk that this would spur unwanted inflation.

States and local governments will soon get guidance on how they can spend $350 billion in funds from the last round of coronavirus relief.

The change represents a doubling of related investments, Mayor Bill de Blasio and Comptroller Scott Stringer announced.

The economy seems to be gathering steam, though it is still far from fully recovering from the damage wrought by the pandemic, Federal Reserve Chairman Jerome Powell said.