Markets

With the Federal Reserve planning aggressive rate hikes and balance sheet reduction, Dec Mullarkey, managing director of investment strategy and asset allocation at SLC Management, discusses the Federal Open Market Committee meeting minutes, his analysis of the economy and what to expect going forward. Gary Siegel hosts. (33 minutes)

Triple-A yields continue to rise, with the two-year muni just below 2%, the five well above and the 10-year approaching 2.5%.

Supply for the holiday-shortened week is $4.8 billion. Municipals performed the worst since 1980 in the first quarter of 2022, but some analysts see the pain subsiding.

The long bond on the exempt $955 million tranche have traded stronger in the secondary market since pricing.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $3.247 billion of outflows, of that $1 billion was high-yield. ETFs are still seeing inflows.

The university will decide on a final structure for a $500 million sale that could go as long as 100 years at the time of pricing, which is expected next week.

Oregon Treasurer Tobias Read called off a lottery bond sale planned in 2020 after lottery revenues cratered because of pandemic-related business closures.

Investors pulled more from municipal bond mutual funds as the Investment Company Institute reported $4.5 billion of outflows in the week ending March 30.

SSM returns to the market with $323 million, highlighting its stronger balance sheet, ESG efforts, and medical partnerships that reflect a sector trend.

The Economic Development Bank estimated the first half of fiscal 2022 had experienced a 5.5% increase in growth, upward from a 3.6% increase in previous estimates.