Washington

Key institutional players like banks and insurance companies may have less incentive to buy tax-exempt munis if the provision becomes law.

October has, on average, been the heaviest new-issue month of the year. Analysts said the lower volume, particularly taxables, was led by many issuers sitting on the sidelines, waiting for a potential package from Washington, D.C.

Underwriter Cantone Research’s alleged fraudulent misrepresentations are tied to two defaulted bond offerings.

ICI reported the lowest inflows since outflows in March, while exchanged-traded funds saw an uptick.

The SALT deduction cap could be increased, suspended or repealed.

The tax on unrealized capital gains would be straightforward for securities that trade frequently, but less so for less-frequently traded assets like many munis.

Senate Banking Committee Chair Sherrod Brown said he expects President Joe Biden will release a combination of nominations to the board of the Federal Reserve at the time he unveils his decision on the central bank chair.

Transportation and transit projects would be eligible uses of ARPA funds under the bill, which also extends the deadline to spend the funds.

Jeffrey Cleveland, chief economist at Payden & Rygel, discusses the Federal Reserve’s upcoming meeting, inflation, what taper will mean, when the Fed might decide to lift off, and possible leadership changes. Gary Siegel hosts. (30 minutes)

Despite a short-end U.S. Treasury rally, municipals face pressure on the one- and two-year as participants look to month-end positioning.