Will President Trump trumpet infrastructure in his State of the Union address? Will there be specifics on a plan? Will the Federal Open Market Committee recommend a rate hike? The market will be watching.

The focus in the muni bond market this week shifts from deals to D.C. as the President and the Fed take center stage. On Tuesday, President Donald Trump gives his first State of the Union Address before Congress. While the President is expected to highlight tax reform and the state of the economy, he may also provide some information about his infrastructure plan.

Muni market observers will be combing through the President's remarks like Sherlock Holmes, looking for any clues as to whether private activity bonds will play a major part in the plan, and how much money states will be on the hook for in infrastructure spending.

And the Federal Reserve will be gathering on Tuesday and Wednesday at what will be Chair Janet Yellen's last meeting.

While the Fed isn't expected to raise rates now, there is a rotation of the FOMC voters that will make the board more hawkish than last year. Three dovish voters and one centrist are being replaced by two hawks, a dove and a centrist.

I'm Chip Bonnet, and this has been your Muni Minute.