Weekly reporting municipal bond mutual funds had a net outflow of $614 million during the period ending Dec. 19, the largest net cash outflow from the sector since June 30, 2004, AMG Data Services reported. The results were down from a $477 million outflow the previous week, and represent the sixth straight week of outflows following three straight weeks of inflows, according to the Arcata, Calif.-based fund tracker. The category represents about 73% of all muni bond funds because it excludes those that report monthly. The four-week moving average for all muni bond funds — which includes the monthly reporters — fell to a $271.9 million outflow from a $164.9 million outflow. Taxable bond funds that report weekly had a $851 million net outflow, after a $679 million inflow the week before. Weekly reporting equity funds had an outflow of $204 million after a $14.1 billion inflow the previous week.
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"Bond market investors are all wishing that April was behind us as they are anxious to hear the Fed's statement at its next FOMC meeting," noted BofA Global Research. "The statement should be no surprise as the market consensus has converged to 'higher for longer' rates.
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CDIAC's revamped website, which launches May 1, will offer accessibility to state and local debt from issuance through maturity; and the ability to create summary reports based on search features.
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The Governmental Accounting Standards Board is looking for feedback on disclosure requirements related to infrastructure projects.
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The MSRB is warning investors that the redemption of Build America Bonds under an extraordinary redemption provision could result in losses, especially for those purchased at a premium.
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Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
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