Washington

Former Federal Reserve Vice Chair for Supervision Randal Quarles, who served during President Trump's first term, said members of the Fed board should be removable by the president, but that the decentralized structure of the Fed will ensure that monetary policy decisions remain sound.

With the "fragile" ceasefire in the United States-Iran conflict underway, the risk of higher rates beyond those from March has largely been removed, said BofA strategists.

The state does not have the bonding capacity to independently rebuild the American Legion Bridge, the feds say. The state continues to hope for a federal grant to help cover the cost.

"I find this a very encouraging appointment," Peter Chan, a partner at law firm Baker McKenzie, said of Woodcock's appointment.

A second budget reconciliation bill is moving closer to reality, creating a mixed bag of challenges and opportunities for the municipal bond market.

"We need private capital," the transportation secretary said.

"I would much rather invest in the muni, both in terms of default rates and in terms of the yield that you're getting off of those," said Travis Lower.

President Trump's budget proposal for fiscal year 2027 includes $1.5 trillion for the military, while cutting FEMA's budget, privatizing the TSA, and increasing transportation funding.

Despite Congress' already long to-do list, factions in the Senate and House are posturing for the possibility of a second reconciliation bill that offers possibilities and threats for the muni market.

Rep. Sam Graves, House Transportation and Infrastructure Committee Chairman and supporter of tax-exempt munis announced he will join several other Republican Congressmen by not seeking reelection in November.