Inflation

With the Fed committed to fighting inflation with aggressive rate hikes, fewer issuers want to take the risk with taxable advance refundings.

“We have to be able to build things better and faster in this country and you don’t have to be a Democrat or a Republican to agree with that."

Primary market takes focus for large revenue deals from the New York State Thruway Authority and the Colorado Health Facilities Authority.

Considering pension risks within the framework of municipal credit analysis is particularly important now, following a lengthy period in which the global economy experienced low interest rates and low inflation.

As investors shift the focus from inflation to recession concerns, fixed income markets, including munis, may regain some of the year's losses.

Investors pulled more from municipal bond mutual funds, with Refinitiv Lipper reporting $1.3 billion of outflows, down from the $1.6 billion the week prior and bringing the total to $47 billion year-to-date.

Federal Reserve Bank of St. Louis President James Bullard said fears of a U.S. recession are overblown.

Refinitiv Lipper reported smaller outflows at $1.6 billion, down from the $5.6 billion the week prior. It brings the total outflows to $45.7 billion year-to-date.

Construction material costs, which often rise faster than the consumer price index, have surged over the last year while a shortage of skilled construction workers has plagued the industry.

The Federal Reserve has started a hiking cycle that's expected to continue with half-point increases in June and July, Marvin Loh, senior macro strategist at State Street Global Markets, will assess the June Federal Open Market Committee meeting and tell what he expects the panel to do in the future.