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Municipal bond benchmark yields fell another two to six basis points Thursday, marking a three-day rally along with U.S. Treasuries as a risk-off trade took hold while inflows continue to flood funds.
U.S. Treasuries continued their rally with the 10-year falling to 1.287% and the 30-year at 1.911% near the close. Municipal-to-UST ratios are in line with movements in both markets. They were at 65% in 10 years and 70% in 30 on Thursday, according to Refinitiv MMD. ICE Data Services had the 10-year muni-to-Treasury ratio at 66% and the 30-year at 70%.
Triple-A benchmarks have seen the 10-year fall by 13 basis points since the start of the month and the 30-year has fallen by 16 basis points.
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