The tax-exempt market was steady Friday morning as traders said the market was waiting for bonds issued in the primary market earlier this week to start trading.
"Munis aren't buzzing today," a New York trader said. "We are waiting for the California Rans to free up."
On Thursday, the
Treasuries were stronger Friday morning. The benchmark 10-year yield and the 30-year yield dropped three basis points each to 1.81% and 2.93%, respectively. The two-year was flat at 0.30%.
The new-issue calendar is led by Washington with $1.3 billion of GOs selling by competitive bid in three series.
A trio of current and former Alaska lawmakers presented views differing from the governor's on how to solve the state's budget red ink.
Kutak Rock warns tax attorneys about the Internal Revenue Service doing compliance checks as opposed to formal audits on certain multifamily bond issues as tax season is expected to add more stress to an understaffed agency.
The rating agency cited weak operating results and high leverage.
Piper Sandler will price $100 million of electric revenue bonds for Iowa public utility Muscatine Power and Water on Wednesday.
Longer-term bonds could ease financial pressure for Sound Transit's $54 billion long-range plans.
