Market Close: Munis End Slightly Weaker But Quiet On the Day
Municipals ended mostly steady to a smidge weaker in an uneventful trading day marked by the lack of any major market-moving events in the tax-exempt arena, and the disappearance of early gains in Treasuries.
Bond Buyer Markets Reporter Christine Albano
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Inflation targeting has provided "a nominal anchor" and kept "inflation low and relatively stable" in turbulent times, Federal Reserve Bank of San Francisco President John C. Williams said Friday. more »
The weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell two basis points in the week ending Oct. 30 to 4.35%. more »
Michigan's decade-long policy of repeatedly cutting local aid to help deal with its own fiscal problems has helped drive some of its local governments into fiscal crisis, the Chicago Fed says in a new report. more »
Moody's Investors Service said it has downgraded to A2 from A1 the rating on Spokane County, Wash.'s airport enterprise revenue bonds. more »
The municipal market was quiet Thursday afternoon, with an unchanged tone from the open as the $400 million Illinois State Toll Road Authority offering was the largest deal to price in the primary market and traders reported limited activity in the secondary market. more »
Toll roads across the nation can expect to see higher volumes of traffic as lower fuel prices encourages more driving, according to Moody's Investors Service. more »
The Treasury Department auctioned $29 billion of seven-year notes, with a 2% coupon, a 2.018% high yield, a price of 99.883043. more »
Standard & Poor's Ratings Services said it raised its long-term rating on the village of Lake Hallie, Wis.' general obligation (GO) promissory notes to AA from AA-minus. more »
Standard & Poor's Ratings Services said it lowered its rating to B from A-minus on Clarendon Hospital District, S.C.'s (dba Clarendon Health System) series 2011A general obligation bonds due to significant deterioration in its financial position. more »
Standard & Poor's Ratings Services said it placed its AA-minus long-term rating and underlying rating (SPUR) on Oak Grove Elementary School District (Santa Clara County), Calif.'s general obligation bonds on CreditWatch with negative implications. more »
Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on Fruitvale School District, Calif.'s general obligation bonds. more »
Municipals were trading in sympathy with Treasuries Thursday morning, as the market digested the news that the Federal Reserve was ending its monthly bond stimulus program and looked ahead to Thursday's planned pricing of the $400 million Illinois State Toll Highway Authority offering. more »
The Treasury Department said Thursday it will auction $24 billion 91-day bills and $30 billion 182-day discount bills Monday. more »

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