Buy side

The three new hires, two from Nuveen and one from Lord Abbett, will report directly to the fund's manager John Miller.

"Active ETFs are becoming an integral part of investor portfolios around the world, with financial advisors increasingly incorporating them into their models-based practice," a BlackRock spokesperson said.

"Should September's positive returns hold as we expect, it would mark the fourth consecutive month of positive total returns — the first such period since the five-month period spanning from March through July 2021," BofA strategists Yingchen Li and Ian Rogow said.

Nuveen LLC reached an agreement to sell its 11% equity stake in Vistra Vision to Vistra Corp., that started as municipal bonds ensnared in a bankruptcy.

The record pace of municipal bond supply this year is driven in part by cities and states realizing projects won't get any cheaper if they wait.

"Given increasing student demand for charter schools, we anticipate continued strong supply issued into the municipal market," according to Nuveen.

While supply falls next week as investors await their first Fed rate cut in four years, it should pick up after the FOMC, Barclays PLC said, adding the 30-day visible pipeline "is at relatively manageable levels at the moment." Bond Buyer 30-day visible supply is at $10.09 billion.

Household ownership of individual bonds was the largest category of muni ownership at 44.6%, mutual funds at 19.2%, exchange-traded funds at 3.1% and U.S. banks at 12.4%. While not detailed in the Federal Reserve data, SMAs may hold up to $1.6 trillion currently.

California's state government typically pushes out billions of dollars of debt from August to November. This year there may be a shift in buy side sentiment.

Municipal bond mutual funds saw inflows as investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion of inflows for the week ending Jan. 31.