Washington

The National League of Cities and the National Association of Counties are teaming up with several other local government agencies lobbying Congress over infrastructure funding.

The Trump administration has released some funds but work on the megaproject remains halted.

"This matter involves unregistered municipal advisory activity by Ford Research and its president, founder, owner, and sole employee Ford," the SEC's order said.

Iowa, Vermont, Wisconsin and the US Virgin Islands are among the least-friendly governments for P3 advocates.

"Unsurprisingly, the market is taking these numbers in stride, with the bond market only slightly higher after a large rally over the last couple of days due to the equity market sell-off," said John Kerschner, global head of securitized products and portfolio manager at Janus Henderson Investors.

The agency's Disaster Recovery Fund has a sufficient balance for the near term but a funding lapse will translate into longer response times to local and state governments, FEMA's associate administrator warned.

The Senate voted to disallow Washington D.C.'s attempt to decouple its tax policy from the One Big Beautiful Bill Act, as the city's mayor charts more budget challenges in the near future.

"The bond market marked down the odds of rate cuts after the release," said FHN Financial Chief Economist Chris Low. "The fact long yields are still lower than two days ago suggests traders are skeptical of the quality of the employment data but are confident the Fed will use it as a reason to keep rates steady," he said.

Sean Snaith, Director of the Institute for Economic Forecasting at the University of Central Florida, will provide insight into the FOMC meeting.

Federal grants and loans account for $15 billion of the $16 billion Hudson Tunnels project.