Washington

The Build Back Better in its current form essentially has been killed by Sen. Joe Manchin, likely limiting the potential for tax hikes in the coming year.

Sen. Schumer said the Senate would take up Build Back Better "very early in the new year."

Pushing the massive bill into 2022 reduces its overall chances of passage but increases the chances of reviving muni-related provisions.

Despite outside pressures, municipal fundamentals are strong with improving credit pictures, issuers flush with federal cash and the ongoing supply-demand imbalance.

Existing partisan divides and political pressures may influence how the infrastructure act's grants are allocated, one Congressman said.

FINRA found that RBC’s supervisory system did not flag recommendations that resulted in potentially unsuitable concentrations of high-yield bonds in certain customer accounts.

It marked the 40th straight week of positive flows into the long-term funds and brought the total inflows for this year near $82 billion. Exchanged-traded funds saw $168M of inflows.

The Securities and Exchange Commission has proposed amendments to its money market fund rules, which it has tinkered with repeatedly since the Great Recession.

The $2.5 trillion increase is expected to get the U.S. through 2023.

Triple-A yield curves were unchanged on the day and mostly have not budged but a basis point in spots since the end of November.