Washington

"BDA supports the proposal and we encourage the commission to approve it," its letter said.

The government shutdown is wreaking more havoc as air traffic controllers will miss a paycheck this week and federal payments to states for housing bonds and Grant Anticipation Revenue Vehicle bonds may stop flowing.

"Investors were not disappointed," said John Kerschner, global head of securitized products and portfolio manager at Janus Henderson. "Inflation came in softer than expected, leading to a tepid bond market rally" and ensuring a rate cut at the upcoming Federal Open Market Committee meeting.

"Over the next fiscal year, I look forward to collaborating with MSRB Board members from across our industry, and the nation," Board Chair Natasha Holiday said.

The spending cuts and reforms to Medicaid and SNAP in the One Big Beautiful Bill will be phased in through 2028, but most states will start preparing early next year.

"I would say don't be afraid to pick up the phone and talk to investors directly," Nuveen's Molly Shellhorn said.

"Bond by bond, project by project the muni market has helped to build the spaces and places where American life unfolds," SEC Chairman Paul Atkins said in a speech delivered at the MSRB's 50th Anniversary Celebration Tuesday evening.

"I've never seen this level of hand wringing at the issuer level," said Matt Boles, managing director at RBC Capital Markets.

Higher interest rates are keeping arbitrage on the playing field as issuers try to play by the rules and still come out ahead.

Prior to Dimensional's approval, only Vanguard held a patent to the ETF-as-a-share-class structure, but the patent expired in 2023.