Washington

The MSRB announced new board leadership as well as a revision to a controversial fee structure proposal.

Municipals will end July with positive returns across all sectors. The Bloomberg Municipal Index shows a 2.49% return in July, moving year-to-date losses lower to 6.71%.

Total July volume was $25.598 billion in 520 deals versus $37.573 billion in 1,013 issues a year earlier, according to Refinitiv data.

Former Treasury Secretary Lawrence Summers said he was concerned the Federal Reserve is still engaging in “wishful thinking” about how much it will take to bring inflation down from four-decade highs.

A group of 20 muni bond investment firms have asked U.S. cities to disclose their environmental-related needs and risks, including infrastructure projects, to CDP, a global disclosure firm.

Investors added $236.491 million to municipal bond mutual funds, per Refinitiv Lipper data, versus the $698.782 million of outflows the week prior. High-yield saw inflows hit nearly $550 million.

Sens. Manchin and Schumer's long-elusive deal on a energy, climate and tax bill includes no muni-friendly items or SALT reform.

Municipals are poised to end July in the black. Demand for muni product has been strong this summer, with analysts expecting supportive market technicals through August with a likely continuation of positive performance.

With the Fed committed to fighting inflation with aggressive rate hikes, fewer issuers want to take the risk with taxable advance refundings.

The SEC’s Public Finance Abuse Unit has brought four enforcement cases against municipal issuers this year, which signals a shift from the usual focus on underwriters and municipal advisors.