Primary bond market

The lack of inclusion of the muni market's priorities in the reconciliation framework sends a strong signal they're unlikely to be included in the final legislation.

ICI reported the lowest inflows since outflows in March, while exchanged-traded funds saw an uptick.

As of now, returns for the month will very likely end in the red. The Bloomberg U.S. Municipal Index is at -0.40% for the month and +0.39% for the year.

S&P lifted its outlook to stable on Minneapolis' AAA rating and Fitch went positive on its AA-plus rating.

The $162 million tax-exempt new money deal is bolstered by two ratings upgrades and analysts say it will generate a lot of investor interest on Wednesday.

Despite a short-end U.S. Treasury rally, municipals face pressure on the one- and two-year as participants look to month-end positioning.

The fast pace of the Democratic negotiations may act in muni market's favor.

Volume falls slightly in the week of October 25 with total potential volume estimated at $7.408 billion: $6.036 billion of negotiated deals and $1.372 billion in the competitive market.

Borrowers are enjoying the strongest market in decades while investors are forced to take what they can get.

Municipal bond mutual fund inflows fell to $177 million while high-yield is back to outflows, both signaling selling may be moving the market toward another larger correction.