The municipal bond market is starting 2021 on a strong note thanks to strong demand, limited supply, and expectations of fiscal relief for state and local governments (Barrons)

New-issue volume so far in 2021 has been about $3 billion, about half the pace of the weekly pace of 2020.

One portfolio manager tells Barron’s that demand is strong as bondholders reinvest Jan. 1 interest payments and as investors anticipate relief from Washington for strapped municipal-bond issuers and the possibility of higher federal income taxes, which would increase the appeal of munis relative to Treasuries and other taxable debt

Mark Burry, the investor made famous in the book and film, “The Big Short,” for his prescient bet against the U.S. housing market, announced in early December that he was shorting Tesla at a “ridiculous level and it looks like his short position is getting bigger (Market Watch)

It’s been ugly for Burry and the rest of the shorts since then, with the Tesla shares up more than 44% in the past month…Burry, however, doesn’t seem to be budging. “Well, my last Big Short got bigger and bigger and BIGGER too,” Burry said Thursday in a now-deleted tweet. “Enjoy it while it lasts.”

Cumulus Media, who owns the talk-radio syndication network Westwood One, has told its on-air personalities to stop suggesting that the election was stolen from President Trump or else face termination (Washington Post)

Brian Philips, executive vice president of content for Cumulus, wrote in an internal memo, which was first reported by Inside Music Media. Cumulus and its program syndication arm, Westwood One, “will not tolerate any suggestion that the election has not ended. The election has been resolved and there are no alternate acceptable ‘paths…

The memo adds: “If you transgress this policy, you can expect to separate from the company immediately.”

Housing inventory continues to drop, Friday’s jobs report shows job loss, and vacation condos could be more difficult to buy

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Happy Monday!  We are 7 days away from the first bank holiday of the year (MLK Day) 

☕️ As you wake up, Speaker Nancy Pelosi made it clear in a letter to her members that if Pence refuses to act, Democrats will immediately move to force Trump from office (Politico), The P.G.A. of America announced Sunday night that it would no longer hold The PGA Championship at the Trump National Golf Club in Bedminster, N.J. (New York Times), and two of the biggest U.S. banks and other corporations said they are pausing or reviewing their political action committee donations in the wake of last week’s riot at the Capitol (Wall Street Journal)

📉 U.S. stock futures fell Monday, suggesting the major stock indexes will slide lower from record highs, as investors booked profits while weighing new political and economic uncertainties. Futures tied to the S&P 500 declined 0.5%, contracts tied to the Nasdaq-100 edged 0.4% lower and those linked to the Dow Jones Industrial Average fell 0.6%. (Wall Street Journal)

A recently passed aCOVID relief bill extends the federal eviction moratorium to January 31 and provides $25 billion in rental assistance. However, a significant amount of people face eviciton on February 1 (Urban Institute)

Nearly 14 percent of renters, or 9.5 million renters, reported problems paying rent in the previous 30 days. People of color are disproportionally affected by COVID-19, unemployment, and housing instability, and these numbers mask significant differences by race and ethnicity.