Washington

As Congress grinds through the budget reconciliation, fixed income market experts are eyeballing an uncontrolled national debt while dreading a heavy-handed response from the Treasury bond market.

A "lighter-than-anticipated CPI report" led to UST firmness, as it "quelled fears about tariff-related inflation and boosted enthusiasm that the Fed will cut rates in the next two or three meetings," said José Torres, senior economist at Interactive Brokers.

The law has become no less controversial nearly three years after its passage.

The bill would exempt lead service line replacement projects from the IRS' private business use test.

The MSRB's decision to rescind the one-minute trade reporting deadline "comes after months of dialogue and engagement with market participants," MSRB President and CEO Mark Kim said.

Cities and states have until Aug. 1 to apply for the funds.

The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.

The hard-fought increase to the cap on state and local tax deductions that was instrumental to passing the House GOP tax bill is under fire in the Senate.

Washington has paid off $198 million of its bonds supporting the mixed-use development at The Wharf fifteen years before their maturity date bringing some good financial news to a city wrestling with its budget.

The muni market's self-regulatory organization has undergone major changes in its five decades, and challenges are ahead.