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ICI reported another week of inflows at $2.23 billion. U.S. Treasuries strengthened further as COVID-19 concerns linger with shutdowns in Germany and spreads elsewhere. Equities were mixed.
March 24 -
The primary led the secondary to lower yields as UST 10-year fell to lows last seen a week ago. Regional service sector surveys released Tuesday showed improvement, which feeds into the belief that inflation will rise in the near term.
March 23 -
Monday’s economic data suggested weakness, with existing home sales declining for the first time in four months and the Federal Reserve Bank of Chicago’s National Activity Index slipping into negative territory, but economists are not concerned.
March 22 -
Yields jumped as much as 10 basis points as new deals saw some concessions as munis played catch up to the run-up in U.S. Treasury rates after the 10-year hit 1.75% mid-session. Refinitiv Lipper reports nearly $1.3 billion of inflows.
March 18 -
A repricing of Illinois GOs saw the bonds bumped by 12 to 20 basis points from Tuesday's preliminary pricing wires and 17 to 25 basis points from Monday's price talk.
March 16 -
A reversal of fund flows and the arrival of the economic aid for states and local governments helped boost the market's morale ahead of $10 billion in new-issues supply this week.
March 15 -
Municipals largely ignored the moves to higher yields in U.S. Treasuries as participants await the largest new-issue calendar of 2021 and big-name deals out of New York and Illinois.
March 12 -
Inflows return, stimulus set, new deals on fire — the municipal market reaped all the benefits. Initial jobless claims dropped more than expected in the week, as reopening continued slowly, but the total remains higher than any week before the COVID crisis hit.
March 11 -
The Investment Company Institute reported outflows from municipal bond mutual funds but inflows into exchange-traded funds. The February consumer price index came in as expected, while the core was below expectations, and analysts expect bigger rises ahead.
March 10 -
Despite the recent outflows and volatility of the Treasury market, municipal bonds have and should continue to outperform as stimulus from Washington provides some respite.
March 8