Tax

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

The state, which lost its positive S&P outlook due in part to previous tax cuts, could have further reductions under a bill that survived the governor's veto.

Rep. French Hill and committee leaders urged House Ways and Means to protect tax-exempt municipal bonds as Congress gears up to tackle tax policy.

Jason Appleson of PGIM Fixed Income chats with Caitlin Devitt to break down the biggest factors shaping the muni market today, and how institutional investors are preparing for what's next.

The firmness in the market Monday came from a "settling down" after one of its most volatile weeks since the pandemic, said Cooper Howard of Charles Schwab.

States could face some difficult times ahead, experts say.

New York's capital needs mean the city cannot afford to be picky about market timing for bond deals, said Jay Olson, deputy comptroller for public finance. 

Friday saw munis sell off once more with yields cut 17 to 28 basis points, pushing muni-UST ratios higher but not quite reaching Wednesday's levels.

Draft reconciliation bill text could be released within the next few weeks, said Brett Bolton, vice president of federal legislative and regulatory policy at the Bond Dealers of America.

"Anytime you get a market off 50 basis points in a day, the bulk of that move is being driven by fast money and the fast money is in ETFs," said Michael Pietronico, CEO at Miller Tabak Asset Management.