Washington

President Donald Trump’s top economic adviser said the administration won’t wait long before selecting a No. 2 official at the Federal Reserve.

The municipal bond market is still chewing over the details of the GOP tax reform bill, and considering its implications.

When it comes to winning over traders in the $14.2 trillion Treasuries market, Jerome Powell has it relatively easy.

Market participants reacted negatively to the proposal in the tax reform bill to eliminate advanced refundings and private activity bonds, saying it would crimp volume and the savings issuers can get when rates fall. In the primary, strong demand met a Virginia issuer's $737 million PAB.

The referendum asks voters in Mecklenburg County, N.C.’s to approve bonds for schools.

The bond markets will not have a huge reaction to the nomination of Governor Jerome Powell as chair as of Federal Reserve Board, seeing it as a continuation of the monetary policies of Janet Yellen and Ben Bernanke before her.

Retail investors are overcoming concern over interest rates and tax reform by extending duration, upgrading to high-quality, and buying defensive premium bonds.

The bill, which calls for the elimination of advance refundings, private activity bonds, tax credit bonds, and tax-exempt stadium bonds, would shrink the municipal market despite preserving the tax-exemption on muni bond interest.

Royal Oak Township had been under the agreement since 2014.

The proposal would provide an array of tax breaks and incentives for disasters dating back to 2012.