With the threat to tax exempt municipal bonds looming in a Congress searching for pay-fors, private activity bonds supporting hospitals and higher education are high on the list of potential first targets.

Anna Paulson, executive vice president and director of research at the Federal Reserve Bank of Chicago, will replace outgoing Philadelphia Fed President Patrick Harker.

In a post on his social media platform Thursday morning, the president criticized the Federal Reserve's reluctance to lower rates and said the chair's departure "could not come soon enough."

Federal Reserve Chair Jerome Powell warned that actions that undermine the apparent stability of the U.S. economy could have lasting effects on its status as a global safe haven.

The MSRB's rate card RFI and municipal fund securities will be among agenda topics at next week's quarterly board meeting.

S&P Global Ratings cited longer-term concerns on Palisades wildfire-related liabilities in shifting its CreditWatch on Los Angeles Department of Water and Power to a negative outlook.

The effects could hit island economies, like those of Puerto Rico and the U.S. Virgin Islands, whose bonds are speculative grade partly because of fiscal concerns.

Mayor John Whitmire said phased-in funding under an agreement with plaintiffs who successfully sued the city will help address a budget shortfall.

Housing advocates concerned about the fate of private activity bonds are working on strategies for getting PABs and tax-exempt munis off the table while Congress searches for ways to pay for tax cut extensions.

Both states' governors said they will appeal the FEMA denials, which comes amid concern the Trump adminstration is hobbling the emergency response agency.