Trump administration

The top 25 state and local pension funds alone have seen the value of their public equities investments drop by a total of nearly a quarter of a trillion dollars in 2025, with roughly $169 billion of those losses coming during the four trading days that followed the Trump administration's April 2 announcement on global tariffs, a think tank said Wednesday.

Municipal AAA yield curves were cut up to another 42 basis points, depending on the curve, as of noon, pushing yields to multi-year highs and long-end muni to UST ratios above 100%. Muni yields have risen up to nearly 100 basis points in spots since the bond market rout began.

Municipal market advocates believe it won't take many muni bond "champions" to protect the financing tool.

Weakness in the muni market has been partly amplified by ETF selling; high-grade yields rose more than 60 basis points on parts of the curve over two sessions.

Municipal finance professors Justin Marlowe and Martin Luby wrote the paper after fielding dozens of calls about "this otherwise esoteric corner of public finance."

House leaders will have to overcome dissent from conservative lawmakers, who say the Senate version is too watered-down.

The immediate effect of tariffs is expected to manifest in the country's ports, which was the only sector of infrastructure to earn a "B" grade in the ASCE's Report Card.

Squire Patton Boggs attorney Michael Cullers believes the 10th Amendment may pose an obstacle.

As the market absorbs the effects of the tariff rollout industry analysts are predicting a heavy dose of uncertainty in several key sectors of the municipal bond market.

At noon Thursday, muni yields had been bumped up to 12 basis points, depending on the curve, while UST yields rallied, with yields falling 13 basis points on the short-end.

Transportation Secretary Sean Duffy said there are about 3,200 announced projects that are awaiting formal grant funding agreements, 950 of which were announced right before President Donald Trump took office.

The deal will raise money for general purposes as the Ivy League school faces cuts to government grants as the Trump administration attacks higher education.

President Trump's bid to close the Department of Education could put added pressure on some charter school credits, muni market sources said.

Nebraska Rep. Don Bacon, a Republican, has penned a "Dear Colleague" letter asking lawmakers to publicly support tax-exempt municipal bonds.

Seventeen states now allow or are considering legislation that allows reserve funds to be invested into cryptocurrency while sixteen are moving towards allowing crypto investments in their pension funds.

New York Power Authority CFO Adam Barsky and Battery Park City Authority CFO Pamela Frederick join The Bond Buyer's Lynne Funk to unpack the far-reaching consequences of eliminating, reducing, or limiting the federal tax exemption for municipal bonds.

Washington, D.C. Mayor Muriel Bowser is delaying submitting her 2026 budget while unresolved budget cuts passed by the House in the continuing resolution and then amended by the Senate to repair the damage remain in limbo.

The American Society of Civil Engineers released its infrastructure report card, which shows that billions spent on infrastructure is having overall positive effects on the condition of the nation's bridges, highways, and ports.

The EPA's "termination of these grants appears to contravene a duly enacted statute," said U.S. District Judge Tanya Chutkan.

Mesirow's George Barbar said the group's top legislative focus is preserving the municipal bond tax exemption.