Washington

"The muni market selloff is primarily a result of Treasury movement, but the orderliness of it in terms of not getting any more volatility in munis than Treasuries is a direct result of people's ability to withstand those moves," said Jeff Timlin, managing partner and head of municipal bond investing at Sage Advisory.

Markets are still pricing in an increase in the federal funds rate later this month, but Federal Reserve Gov. Michael Barr said his vote will depend on incoming unemployment and inflation data.

With the Fed chair focusing on inflation, the markets have increased the odds of a September rate hike.

The administration is seeking industry feedback on funding mechanisms and the use of public-private partnerships in spaceport development.

"SIFMA applauds the MSRB's forward-thinking efforts to modernize its rules," its comment letter said.

The New York-based business "acted as an unregistered broker in connection with 31 municipal bond offerings," the SEC alleged in its order.

The announcement — which affects the 10- to 30-year part of the curve — sent longer-term UST yields falling up to 10 basis points on Wednesday.

The draft RBP "updates and augments" an RBP on LSTs released in 2000, the NFMA said.

"I actually think that this was a difficult case for the SEC enforcement division to bring, a close call, on the facts," attorney Andrew Kintzinger said.

Less than 5% of U.S. desalination projects are public-private partnerships.