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Democracy. Next, on capitol hill policy advocates testify on ways to protect consumers from unsafe online counterfeit goods. The Senate Judiciary subcommittee hearing focused on the rapid growth of counterfeiting on ecommerce platform. This is about an hour and a half. [background noises] this will come to order like to thank our witnesses for participating today. I would also like to thank a Ranking Member tillis and his staff for working in a collaborative way to put this hearing together. I w...

The second half of 2023 may see a slowdown, perhaps even a mild recession, said Daniel Close, the newly named head of municipals at Nuveen.

Strong demand in the primary market is leading to the oversubscription of many new issues. Municipals and USTs were better again as macroeconomic concerns pressure equities.

Municipals are coming off a rally and yields were better in spots Monday, but ratios are a cause for pause.

For the week ending Wednesday, outflows lessened as Refinitiv Lipper reported $91.713 million was pulled from municipal bond mutual funds after $194.097 million of outflows the week prior.

The CPI report showed inflation had slowed to 7.1%, giving investors confidence the Federal Open Market Committee will hike rates 50 basis points as expected following Wednesday's much-anticipated meeting.

The December Federal Open Market Committee meeting, combined with the release of inflation data, "will test the good cheer currently prevailing in the bond market," said MSCI Research strategists Andy Sparks, Tamas Hanis and Edina Szirma.

Investors will be greeted Monday with a new-issue calendar estimated at $3.214 billion, the majority of which is a nearly $1.9 billion private activity P3 bond deal from Pennsylvania.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.038 billion of outflows, up from $1.503 billion of outflows in the previous week.

With massive secondary selling pressure and a larger calendar, credit spreads are likely to continue to widen.