Washington

Vern Buchanan appears to lead the way, but recent moves by Jason Smith to appeal to more GOP leaders make the race for chair of the Ways and Means Committee a tight one.

Short triple-A yields have risen more than 30 basis points over the past eight sessions while the long bond has risen 19, per Refinitiv MMD data.

While a full basis point increase will be discussed, analysts see the Fed increasing 75 basis points to a 3% to 3.25% range, with a split between those who say inflation is worsening and those that believe it peaked.

Running up to the midterm elections the group has already spent over $3.5 million

Triple-A muni yields rose another five basis points on the short end while UST rose up to seven. UST yields are the highest since 2007.

The Municipal Securities Rulemaking Board voted to amend its Rule G-40 on advertising by muni advisors and Rule A-12 on registration during its final board meeting of the year.

Municipal market participants are gaming out post-election scenarios that pose opportunities and risks for budgets and portfolios.  

Municipals saw more cheapening on the short end Friday as selling pressure persisted all week.

Opponents say the legislation could prompt issuers to drop out of the public bond market while supporters say investors and regulators deserve standardized financials.

The program received more than 250 applications for $26.5 billion worth of projects across the country.