Washington

While the municipal market barely budged following the Fed's decision to cut rates 50 basis points, Thursday saw muni yields rise up to two basis points, depending on the scale, but still lagged the weakness in USTs. LSEG Lipper reported $716 million of inflows into municipal bond mutual funds.

The Fed's 50 basis point cut surprised many, as a looming federal election and all the uncertainty that brings complicates efforts at forecasting.

The Office of Tax-Exempt Bonds has been staffing up, IRS officials said at the National Association of Bond Lawyers conference in Chicago.

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.