Although a new administration means policy uncertainty, most analysts see the economy growing above trend next year, although inflation will remain a concern.
The IRS finalized tax code regulations that date back to the financial crisis of 2008 that govern the retirement and re-issuance of tax exempt bonds by state and local governments.
The court has left in place its decision affirming the bondholders lien on net revenues.
Enviva's bankruptcy is the latest Chapter 11 bankruptcy where green private activity bonds are restructured to near zero.
While municipals have outperformed USTs on the whole in 2024, they will close December with losses. How taxables perform in early 2025 coupled with macroeconomic and Washington policy uncertainty have municipal market participants on edge for what lies ahead.
The debate over the debt limit has exposed rifts among Republicans, who will take full control of Congress on Friday.
