Washington

A Reason Foundation study found K-12 debt steadily rising since 2014.

Public agencies are often "clients of last resort" for contractors, especially when construction costs are high.

Investors pulled $229.263 million out of muni bond mutual funds in the latest week, versus the $635.177 million of outflows the prior week, according to Refinitiv Lipper. High-yield continues to see inflows.

The Internal Revenue Service has reinstated Ham Lake, Minnesota based charter school operator Parnassus Building Company's tax-exempt status after it was revoked in May 2022.

Federal Reserve Bank of San Francisco President Mary Daly said the central bank should raise interest rates "a little" above 3% by the end of the year to cool inflation, pushing back against investor bets that officials would then reverse course.

The short end was hammered in the secondary with large blocks of high-grades showing big swings to higher yields while the rest of the curve wasn't spared the damage and triple-A yields rose by seven to 16 basis points.

The 15% corporate minimum tax may hurt the muni market the most during outflow cycles by cramping demand and leading to higher borrowing costs for states and cities.

The inclusion of swaps has the potential to increase claimed damages in the New York State lawsuit, though banks view swap materials as providing a potential defense.

Brokers should be aware that inaccurate tax reporting could force its brokerage clients to seek damages and could force dealers to make their clients sign a liability waiver, as the recent muni case Richard Goodman v. UBS Financial Services highlights.

The respected muni tax expert died unexpectedly Aug. 14.