Markets

"Despite the breathtaking selloff in longer rates, Barclays' macro strategists see no clear catalyst to stem the bleeding," Barclays strategists said. "Data are unlikely to weaken quickly or enough to help bonds."

The nature of municipal bonds is to help people, says Peter Hayes, "I really like that it's public purpose."

All eyes will be on Friday's report, though "it seems most leading indicators suggest job growth will remain healthy, which should keep the bond market selloff going strong," said OANDA's Edward Moya.

California-based Fulcrum Bioenergy will build a facility in Gary that converts household garbage into sustainable synthetic aviation fuel.

Municipal yields fell up to three basis points, depending on the scale, but underperform a better UST market.

S&P Global Ratings placed Maryland Heights, Missouri, on credit watch with negative implications because of bonds from a related authority for a hockey rink.

UST rates are driving all things in the muni market, said Jon Mondillo, head of North American Fixed Income at abrdn.

This comes as the firm shores up its presence in Texas.

There will be "choppiness in the municipal bond market through the end of the year," said Anders S. Persson, Nuveen's chief investment officer for Global Fixed Income, and Daniel J. Close, Nuveen's head of municipals.

Fitch Ratings replaced its negative watch with the negative outlook, citing the lack of clarity around contractor claims of cost overruns.