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Ratios aren't budging as municipal to UST outperformance is not abating. The three largest deals of the week will be taxable, increasing the demand component for exempt paper.
April 9 -
High-yield inflows return to the tune of $821 million. The 10-year triple-A hovers just above 1%.
April 8 -
The Investment Company Institute reported another week of inflows, $800-plus million, as participants focus on that part of the market as an indicator of how munis will fare during tax season.
April 7 -
The services sector showed improvement and employment made big gains in March, but economists note the labor market remains far from full employment.
April 5 -
Nonfarm payrolls rose 916,000 last month while the unemployment rate fell to 6%, and the workforce participation rate edged higher.
April 2 -
Biden's $2 trillion infrastructure proposal, combined with the shortened week and the arrival of the second quarter, took attention away from the muni market.
March 31 -
Larger fund flows, lower supply and optimism surrounding issuer credit post-stimulus allowed for a March price reversal that avoids posting two consecutive months with losses. The consumer confidence index jumped to its highest reading in a year in March.
March 30 -
Municipals continue to outperform Treasuries amid a light holiday-shortened week led by a California tobacco deal.
March 29 -
Both personal income and expenditures dropped in February, while personal consumption expenditures also came in weaker than expected, meaning inflation remains in check for now.
March 26 -
Refinitiv Lipper reported more inflows into municipal bond mutual funds to the tune of $592.4 million. Initial jobless claims fell to the lowest point since the pandemic began, moving Treasuries weaker while equities saw gains.
March 25