Municipal market conditions at the end of this calendar year will determine whether the Federal Reserve and Treasury decide to continue to operate the Fed's Municipal Liquidity Facility beyond Dec. 31. That was the message delivered by Kent Hiteshew, deputy associate director of the Fed's Division of Financial Stability.

The new-issue calendar is stuffed with all types of healthcare deals and taxable offerings, inflating its size up to almost $16.5 billion, once again the largest supply slate of 2020. Healthcare deals and taxable sales feature prominently on the list of new deals, but offerings from the states of California, Hawaii, Illinois as well as tobacco bonds round out the slate along with some big competitive issues.

The next appointed SEC is likely to be more polarizing, and the SEC's approach to enforcement will differ depending on who wins the presidential election. Current SEC Chair Jay Clayton, widely considered a centrist and who is reportedly not interested in continuing in the role, will likely not be reappointed as both President Donald Trump and former Vice President Joe Biden are likely to pick chairs more aligned with their political parties.