Last year, municipal issuers sold about $454 billion in long-term debt as the pandemic shuttered businesses.
The SALT deduction cap helped propel record flows of cash into municipal-bond mutual funds.
State and local issuers are selling debt to pay for retirement benefits, tapping low borrowing costs.
Sales of municipal bonds that won't be delivered to investors until months after they price have reached about $10.5 billion.
Investors are plowing into the beleaguered state's high-yield debt.
Americans' mobility blunts the effectiveness of attempts to contain the pandemic.
The amendment would have ended a requirement that all incomes are taxed at the same rate.
Cities across the country are confronting revenue declines and deficits.
Yields have dropped so far that investors aren't being adequately compensated for their risks.
Moody’s Analytics is advising policy makers to expect no less than a 10% hit to their general fund budgets.
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