Public finance

The short-end correction has been "driven by a solid labor market report, which pushed Treasury yields higher as expectations for additional Fed rate cuts tempered," said Alice Cheng, director of municipal credit and investor strategy at Janney.

Deston High School defaulted on series 2021A, 2022A and 2022B bonds.

S&P Global Ratings cut the Toms River Regional School District to A-minus from A, ending a negative CreditWatch but assigning a negative outlook.

The Fayetteville City Council will decide in October whether to put bonds backed by an extension of a one-cent sales tax on the March 2026 ballot.

The state's government now expects general fund revenues to decline 2.3% in the current fiscal year from the previous fiscal year.

Retail offerings from California and Connecticut led the market Wednesday.

It affirmed the California city's Aaa issuer rating, but cited the drag on revenues from tepid tourism numbers and liabilities from child sexual abuse claims.

Housing advocates are resuming a fracas with the federal government over Build America, Buy America requirements they claim are slowing down efforts to build more affordable housing, which relies on private activity bonds.

Secondary selling pressure and the larger calendar weighed on the market Tuesday.

The ever-rising cost of projects is the number one financial challenge for municipalities, according to the latest survey from the National League of Cities.