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The municipal bond market gets sucked further into the culture wars with Florida's latest plan to ban issuers from considering ESG factors when issuing debt.

Federal emergency aid, while protecting against downgrades and defaults in areas hit by extreme weather, won't bail out areas that face less visible climate effects like rising heat.

A lack of standards from regulators and ratings agencies leaves municipal credit analysts "on their own" when it comes to evaluating climate-related risks.

Massive mutual fund selloffs this year have returned the market to a pre-1976 investor landscape, when portfolios focused on individual demand, said MMA's Tom Doe.