Washington

The ratio of local government municipal debt to GDP in aggregate has fallen to around 10% from 20% in 2010.

"We, the city of Philadelphia proper, we can't do it alone," Parker said in a keynote address at The Bond Buyer Infrastructure conference Tuesday. "We are grateful to our state and our federal partners, as well as the bond market."

For municipals, Wednesday "marks a crucial step forward, perfectly aligned with the current risk landscape," said James Pruskowski, chief investment officer for 16Rock Asset Management.

The Republican presidential nominee reverses course on his own policy

"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.

The Financial Industry Regulatory Authority found that the firm had not included the non-transaction-based compensation indicator on 23,000 municipal securities transactions.

The commission charged the municipal advisors $1.3 million in penalties due to recordkeeping failures stemming from use of unmonitored communications, such as text messages, to conduct business.

Given the Fed's reluctance to "surprise markets or take actions that could be perceived as overtly political," Interactive Brokers Chief Strategist Steve Sosnick said, "we find it hard to believe that anything other than 25 bp is the likely outcome for the upcoming FOMC meeting."

While supply falls next week as investors await their first Fed rate cut in four years, it should pick up after the FOMC, Barclays PLC said, adding the 30-day visible pipeline "is at relatively manageable levels at the moment." Bond Buyer 30-day visible supply is at $10.09 billion.

Current FHWA deputy administrator Kristin White will serve as acting administrator until a successor is named.