Gary Siegel is a journalist with more than 35 years of experience. He started his professional career at the Long Island Journal newspapers based in Long Beach, N.Y., working his way up from reporter to Assistant Managing Editor. Siegel also worked for Prentice-Hall in Paramus, N.J., covering human resources issues. Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.
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ICI reported the lowest inflows since outflows in March, while exchanged-traded funds saw an uptick.
October 27 -
As of now, returns for the month will very likely end in the red. The Bloomberg U.S. Municipal Index is at -0.40% for the month and +0.39% for the year.
October 26 -
Jeffrey Cleveland, chief economist at Payden & Rygel, discusses the Federal Reserve’s upcoming meeting, inflation, what taper will mean, when the Fed might decide to lift off, and possible leadership changes. Gary Siegel hosts. (30 minutes)
October 26 -
Despite a short-end U.S. Treasury rally, municipals face pressure on the one- and two-year as participants look to month-end positioning.
October 25 -
Municipal bond mutual fund inflows fell to $177 million while high-yield is back to outflows, both signaling selling may be moving the market toward another larger correction.
October 21 -
The Investment Company Institute reported $385 million of inflows while ETFs fell to $124 million.
October 20 -
Spreads have been widening, but secondary trading was on the light side and triple-A benchmarks were cut by only a basis point in spots even as U.S. Treasury yields once again rose on the 10- and 30-year.
October 19 -
Triple-A benchmarks saw one basis point cuts in spots inside 10 years while the five-year U.S. Treasury hit a high of 1.154%.
October 18 -
Friday’s data suggested inflation remains a problem, as the voices calling for Federal Reserve action increase.
October 15 -
Municipals have mostly held steady as bid-wanteds have risen, but so have yields and ratios, making for a more satisfactory range for investors getting into the market at these new higher levels.
October 14 -
Another round of inflows was reported from the Investment Company Institute — the 31st consecutive week — but they came in at $308 million for the week ending Oct. 6, the lowest since outflows in March.
October 13 -
Volatility in the U.S. Treasury market continues to pull on municipal bond valuations, despite little trading volume.
October 12 -
Municipals outperformed the move in taxables Friday but weakness hangs over the market as fund flows lessen and supply increases. Taxable munis may be keeping exempt rates from moving higher.
October 8 -
For 31 consecutive weeks investors put cash into municipal bond mutual funds but saw just $36.87 million of inflows in the latest reporting period while high-yield funds saw $460 million of outflows after $103 million of outflows a week prior.
October 7 -
ICI reported $704 million of inflows, a $1.1 billion drop from the week prior, bringing the total to $76 billion year to date.
October 6 -
The increase in yields and spread widening across municipal sectors has given some pause to high-yield investors after months of stagnation.
October 5 -
Municipals took a breather Monday, largely ignoring stock market volatility and softer U.S. Treasuries, ahead of a solid $9 billion new-issue week.
October 4 -
Ratios have moved into a higher, more favorable range, especially in the belly of the curve. The municipal calendar is building, led by taxables and refundings, after they dropped significantly in September.
October 1 -
The lower inflows and high-yield outflows can be tied to the correction over the past week and may point to uncertainty from retail investors over broader market volatility.
September 30 -
The high-grade muni scales saw cuts of up to four basis points in a continued selloff Monday as the market faces a robust slate of new issues.
September 27
