Billions price into primary, do little to move benchmarks bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.
Demand was brisk in the primary market while the short-term market traded sideways on the pressure from the heavy new issue calendar, the release of the FOMC minutes and Treasury auction.
Another $2 billion-plus was reported flowing into municipal bond mutual funds in the latest week, continuing to be a supportive demand component for munis.
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Municipals were mixed in secondary trading after U.S. Treasuries dipped to lows not seen since the beginning of the year but rose as the afternoon progressed on mixed economic news. New issues fared well and another week of $2 billion-plus inflows were reported, bringing the total to nearly $60 billion for 2021.
Triple-A benchmarks were little changed to firmer in spots on the short end after the up-and-down UST ride. Some rather hawkish comments made by Fed Vice Chairman Richard Clarida generated selling pressure throughout much of the Treasury curve, with munis holding steady throughout most of the tax-exempt curve,” said Jeffrey Lipton, managing director of municipal credit at Oppenheimer & Co.
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