The Bond Buyer's weekly yield indexes declined this week, as tax-exempt yields fell in each of the holiday-shortened week's sessions.

"Obviously, we had the interruption of the holiday, which kind of broke things up a little bit, but there's been a little bit of steepening in the curve," said Evan Rourke, portfolio manager at MD Sass. "There's definitely a widening out of credit spreads. The [Municipal Market Data] scale is a reasonable reflection of your high-grade triple-As, but the minute you start to go to a weak double-A, you've widened out. So some of that performance you're seeing in the MMD scale probably didn't pass through to every bond. So your portfolio may not quite have moved up as much."

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