Markets

The municipal market will see primary offerings dwindle down to a few large deals on Thursday as traders keep a wary eye on bond yields.

Initial claims for U.S. state unemployment benefits rose by 10,000 to 244,000 in the July 22 week, following a small upward revision to the claims level in the previous week, data released by the Labor Department Thursday showed.

Top quality municipal bonds finished mixed on Wednesday, as the Federal Reserve voted to keep interest rates unchanged.

The Treasury Department auctioned $34 billion of five-year notes, with a 1 7/8% coupon, a 1.884% high yield, a price of 99.957246.

The Treasury Department Wednesday auctioned $13 billion of two-year floating rate notes with a high discount margin of 0.060%, at a 0.060% spread, a price of 100.00000.

Top quality municipal bonds were weaker at midday, according to traders, as deals from New York City swept into the marketplace.

The municipal bond market is ready for the New York City deal to be priced for institutions on Wednesday as traders eye the direction of bond yields.

The pace of new single-family home sales rose by only 0.8% to a slightly weaker-than-expected 610,000 seasonally adjusted annual rate in June, following downward revisions to the sales pace in the previous three months, data released by the Commerce Department Wednesday showed.

Robert Wimmel, head of the municipal fixed income team at BMO talks about first half trends in the muni market, including tremendous performance from the asset class and investment strategies that he is using based on current market conditions. He also talks about Chicago and how that situation shakes out. Hosted by Aaron Weitzman.

Top-rated municipal bonds ended weaker on Tuesday, according to traders, as deals from New York City, Philadelphia and the Port of Seattle hit the market.