The Bond Buyer’s 20-Bond GO Index of 20-year general obligation yields increased six basis points this week, to 4.08%. It is at its highest level since Dec. 1, 2011 (18 weeks ago), when it was 4.12%.
The 11-Bond GO Index of higher-grade 20-year GO yields also rose six basis points this week, to 3.86%. This is its highest level since Oct. 13, 2011 (25 weeks ago), when it was 3.91%.
The Revenue Bond Index, which measures 30-year revenue bond yields, gained three basis points this week, to 4.88%. This is the same level it reached two weeks ago.
The Bond Buyer’s One-Year Note Index, which is based on one-year GO note yields, was unchanged this week, at 0.25%. It remains at its highest level since Feb. 29, 2012 (five weeks ago), when it was also 0.25%.
The yield on the U.S. Treasury’s 10-year note increased eight basis points this week, to 2.24%. But it remains below its 2.28% level from two weeks ago.
The yield on the Treasury’s 30-year bond rose 10 basis points this week, to 3.37%. This is the same level as two weeks ago.
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The focus on Wednesday has been on the primary market, particularly the six-part $2.4 billion deal from the New York State Thruway Authority, which came a little wider than where the issuer had been trading in the secondary market.
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"Currently, we are spending a lot more time of our day in the regulatory space in responding to proposed rules and changes," GFOA's Paige Mellerio said.
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Federal Reserve Gov. Lisa Cook said risks, including geopolitical tensions, are tilted toward higher inflation in the near term.
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Advocates in Congress are now looking at the possibilities for the Modernizing Agricultural and Manufacturing Bonds Act offered by a third reconciliation bill, a lame duck session, or Trump-propelled legislation early next year.
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Given the vastness of the municipal bond universe, analysts have credited some technologies for providing participants witthe ability to better manage, evaluate and navigate the market.
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Fitch Ratings upgraded Cook County to AA-plus from AA on Monday, citing the county's moderating long-term liability burden and sustained resource base growth.
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