Markets

The municipal bond market is gearing up for a lighter-than-average new issue calendar in a holiday-shortened week, with about $3.35 billion of bonds slated for sale.

The value of business inventories rose 0.4% in November as expected by analysts and calculated by MNI after the wholesale inventories report on Wednesday, data released Friday morning by the Commerce Department showed.

The value of retail sales rose 0.4% in December, as expected by analysts, and were up 0.4% excluding motor vehicle sales.

The consumer price index rose by 0.1% in December, as expected, while core CPI posted a stronger-than-expected 0.3% rise.

In the week ended Jan. 11, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose to 3.84% from 3.81% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Municipal bond buyers gobbled up taxable supply from Pennsylvania and Illinois Thursday as the recent rise in yields slowed.

The public finance banking team is led by veteran banker Jack Holland.

Bob Spangler and Jim Tricolli will assume responsibilities as RBC's co-heads of municipal finance as Hamel steps away from the top-five underwriter.

The federal government ran a $23.2 billion deficit in December, the Treasury Department reported Thursday.

Municipal bond buyers saw some taxable supply hit the screens on Thursday as the recent yield rise slowed and traders' attention shifted to next week’s holiday-shortened week.