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LSEG Lipper reported Thursday that investors pulled $463.7 million from muni mutual funds for the week ending Wednesday after inflows of $147 million the week prior.
December 28 -
Late-month volumes are "waning as it appears the year's tax-loss harvesting was accomplished leading up to the holiday period," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.
December 27 -
The large drop in yields since the end of October can be reflected in sentiment that investors expect a potentially dovish Fed next year, and that a soft landing narrative gives them "permission to finally purchase the bonds they've been admiring," said MMA's Matt Fabian.
November 21 -
"The combination of higher yields and this week's heavier new-issue calendar will attract attention from income-focused individual investors as well as from institutional investors who are underweight munis," said CreditSights strategists Pat Luby and Sam Berzok.
October 16 -
Minutes from the September Federal Open Market Committee meeting were "not much of a market mover" Wednesday, said Scott Anderson, chief U.S. economist and managing director at BMO Economics.
October 11 -
The last time muni mutual funds saw outflows top $1 billion was the week ending May 31 when they were $1.345 billion.
September 28 -
Data for the second quarter show the face amount of munis outstanding rose 0.4% quarter-over-quarter, or $15.5 billion, to $4.043 trillion.
September 26 -
The general bias toward muni rates is that they would be a bit higher with technicals "being a little less supportive than they were in August, plus what we heard with from the Fed 'higher for longer,' and potentially another hike," said Jeff MacDonald, head of Fixed Income Strategies at Fiduciary Trust International.
September 21 -
As was expected, the FOMC held rates in a range between 5.25% and 5.50%, but the dot plot in the Summary of Economic Projections showed 12 of 19 members expect another 25-basis-point rate hike this year.
September 20 -
With around 30% of bonds trading near the de minimis threshold, a new study takes a deep dive into how the rule drives illiquidity as mutual funds dump paper that's approaching the threshold.
September 7