• The U.S. FOMC is poised to ease, and futures markets signal an almost certain quarter-point rate cut at the Dec. 10 FOMC meeting, which would lower the federal funds target range to 3.50%–3.75%.
• The labor market is losing momentum. Headline data looks steady, but hiring has slowed, job searches are taking longer, and corporate plans show belt-tightening.
• The outlook for municipal investors remains constructive for December. Yields remain attractive. Expectations of lower rates and strong recent inflows into municipal funds are supporting demand for high-quality opportunities even as economic signals point to uneven deceleration.

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