Markets

Investors added $236.491 million to municipal bond mutual funds, per Refinitiv Lipper data, versus the $698.782 million of outflows the week prior. High-yield saw inflows hit nearly $550 million.

Municipals are poised to end July in the black. Demand for muni product has been strong this summer, with analysts expecting supportive market technicals through August with a likely continuation of positive performance.

With the Fed committed to fighting inflation with aggressive rate hikes, fewer issuers want to take the risk with taxable advance refundings.

The Louisiana Bond Commission approved $600 million of notes to help pay Hurricane Ida damage claims after several insurers went bankrupt and up to $1.1 billion to build a biorefinery.

Investors sit on the sidelines, waiting to see how much the Fed will hike rates. The consensus appears to be another 75 basis point rate hike, though a full point hike could be on the table.

With the Fed rate decision coming this week, issuers are sitting on the sidelines in both primary and secondary Monday with little changed yield curves.

The Federal Reserve Bank of Chicago’s National Activity Index held at minus 0.19 in June, the first back-to-back negative readings since the pandemic started in early 2020.

Cleveland drew a Moody's upgrade as it was prepping an annual GO sale.

The Miami metro area saw the most private-sector job growth among all metro areas in the state in June and year-over-year.

Munis were firmer to end the week but underperformed U.S. Treasuries.