Public finance

Klavan, who previously worked at Squire Patton Boggs, has represented governmental, conduit borrower, and underwriter clients on a wide range of projects.

Analyst remain positive about the economic outlook next year, although some have reservations and volatility is possible.

Monetary policy remains the key to the markets. The Federal Open Market Committee predicts one rate cut in 2026, but the panel will get a lot of data before

"A stagnant yield curve is resulting from supply having wound down and munis drawing steadiness from a likewise calm UST market," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

The municipal advisor area "remains a heavy focus of both the commission's Division of Examinations as well as the Division of Enforcement," Andrew Kintzinger, counsel at Hunton Andrews Kurth, said.

Chicago's city council passed its alternative budget over the weekend. Mayor Brandon Johnson hates it, but said he would not veto it.

It was a "confusing, volatile year, and the states face growing threats in 2026 and thereafter," said Matt Fabian, president of Municipal Market Analytics.

Unless there is a massive selloff in the next two weeks, there will not be a major spike in market participants using tax-loss harvesting through year-end, said Ben Barber, director of municipal bonds at Franklin Templeton.

Credit pressures are expected to persist for municipal bond issuers facing water scarcity and increasing costs for projects to produce new supply.

Following the September/October rally, munis have been relatively steady in November and December, with direction and magnitude of rate change in the UST market driving underperformance or outperformance, said J.P. Morgan strategists led by Peter DeGroot.

U.S. electricity consumption has shifted from limited to rising growth due to the proliferation of data centers, which poses challenges for public power.

Supply for the final two weeks of the year will be virtually nonexistent, with only one deal, $24.46 million of taxable multi-family/project bonds from the Colorado Housing and Finance Authority, on the calendar for next week.

A California Supreme Court ruling could eliminate the need for validation lawsuits before issuing pension obligation bonds, the winning attorneys say.

In a case stemming from a PACE bond authorization, the majority said language in Florida law giving finality to bond validations must be respected.

In a move cheered by public power companies, the House passed a bill that would give the Federal Energy Regulatory Commission authority to keep power plants open if their closure threatens reliability.

McAllister was elected six times starting in 2002 as the county treasurer-tax collector, and retired in August.

The larger story could be that some of the larger issuers are asking water lobbyists and lawmakers to push the EPA because of worries the administration may tamper with or even eliminate the program, said a WIFIA expert.

The Equitable School Revolving Fund, which has more deals in the works, has maintained its strong credit profile even as the sector has experienced headwinds.

New York Mayor-elect Zohran Mamdani named Sherif Soliman, a veteran of three mayoral administrations, as New York City's budget director.

Muni yields were bumped a basis point, while UST yields fell two to four basis points.