Markets

"The muni market seemed to ignore Treasuries [last] week, marching to its own beat," said Birch Creek strategists.

The top issuers for the first half of 2025 put out a combined 89 issuances amounting to more than $39 billion in par value.

New York issuers lead a $9 billion slate.

The negative outlook affects about $1.1 billion in combined GO and lease revenue debt, according to Fitch.

The Public Service Commission said it will reconsider rates at its August meeting.

The comprehensive federal tax bill President Trump signed July 4 is credit negative for universities, Moody's Ratings said.

The market has seen some "weirdness" in the muni curve, said Craig Brandon, co-head of muni investments at Morgan Stanley Investment Management.

Noble Environmental was sued by a shareholder last year in a case that is unresolved as it plans a $250 million tax-exempt debt offering.

"Municipal outperformance against taxable sectors has moved short-term ratios on or through their 252-day moving averages, while intermediate and long maturities are holding at or above average ranges," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.