Washington

The White House has appealed a D.C. District Court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board pending the outcome of her challenge to President Trump's moves to fire her.

Changes in how Low-Income Housing Tax Credits are awarded has bond attorneys searching for answers in government offices that have been hollowed out through layoffs and retirements.

October is looking to be another blockbuster month for supply, with several $1 billion-plus deals on the shadow calendar, said Pat Luby, head of municipal strategy at CreditSights. 

The Senate Banking Committee voted 13-11 to favorably recommend Stephen Miran's nomination for the Federal Reserve Board to the full Senate.

A mix of broader market dynamics and Chicago-specific pressures is driving the widening spreads, investors said.

Monday's rally is a "continuation of what we are seeing," as the market is actively repositioning where it needs to go, said Alice Cheng, director of municipal credit and investor strategy at Janney.

Several major cities are staring down budget deficits and credit downgrades as the effects of inflation and OBBBA trickles down while relationships with their states adds complexity.

Muni yields were bumped two to 12 basis points, depending on the scale, with the largest gains out long, and UST yields fell six to nine basis points, pushing the two-year UST to its lowest levels in over two years.

The Trump administration's immigration policies are "undermining the country's ability to build infrastructure and construction programs," the Associated General Contractors of America said.

The rally stemmed from the weak nonfarm payrolls report and revisions brought down the three-month average to 29,000 jobs per month, further solidifying the chance of a rate cut in September, said Chris Brigati, managing director and CIO at SWBC.