Taylor Riggs

Tax-exempts defied muni market participants who said yields were too low to go any lower.

NEW YORK – Tax-exempts defied muni market participants who said yields were too low to go further. On the last trading session on January, yields on the long-end hit new record lows as recorded by Municipal Market Data and yields in the intermediate term came close.

The tax-exempt market strengthened Tuesday afternoon after a fairly quiet morning. Market participants were able to relax after the primary market provided firm direction.

After a strong rally Monday, the tax-exempt market opened Tuesday steady as buyers waited for the primary market to provide direction.

With no supply to provide direction, the tax-exempt market followed Treasuries higher as munis continued their fifth consecutive trading session of gains.

NEW YORK – With no supply to provide direction, the tax-exempt market followed Treasuries higher as munis continued their fifth consecutive trading session of gains.

The tax-exempt market continues to take direction from Treasuries as lack of supply creates a supply-demand imbalance

The tax-exempt market followed Treasuries higher Monday morning, as European woes pushed investors into safe haven assets.

The supply and demand imbalance in the tax-exempt market continues to weigh on investors.

NEW YORK – The supply and demand imbalance in the tax-exempt market continues to weigh on investors.

Activity in the tax-exempt market slowed on Friday as dealers recovered from the biggest week of issuance so far in 2012. As munis recouped most of the losses that hit them beginning late last week, investors head into next week a little more wary about buying as yields remain at unattractive levels.

The tax-exempt market took a breather Friday morning as traders recovered from a mixed week that started out weaker and ended slightly stronger.

The tax-exempt market rallied for a third day Thursday, erasing almost all of the losses that hit munis the end of last week.

NEW YORK – The tax-exempt market rallied for a third day Thursday, erasing almost all of the losses that hit munis the end of last week. Market participants that thought munis couldn’t handle this week’s supply were proven wrong, as deals in the primary market were priced well and the secondary market is showing huge gains.

The tax-exempt market is much stronger Thursday as buyers are eating up new deals in the primary market and bonds that were issued earlier this week are already trading higher in the secondary.

The tax-exempt market looks to be on track to see a third consecutive day of gains on Thursday, after the three prior sessions resulted in losses.

The tax-exempt market saw most of its rally in the afternoon, following Treasuries, after the Federal Open Market Committee announcement buoyed safe-haven assets.

NEW YORK – The tax-exempt market saw most of its rally in the afternoon, following Treasuries, after the Federal Open Market Committee announcement buoyed safe-haven assets.

The tax-exempt market continued its rally into the afternoon as new deals were priced attractively and the Federal Open Market Committee announcement buoyed safe-haven assets.

After three days of losses, the tax-exempt market looks to be strengthening again as munis rallied Wednesday morning after making small gains Tuesday. But trading activity seems to be light again.