Volatility in the municipal and Treasury markets has investors flummoxed at a time when an expected calendar-year record amount of issuance has flooded the primary. The Bond Buyer’s weekly yield indexes all fell, though not as far as those of Treasuries.

The Bond Buyer’s 20-bond GO index of 20-year general obligation yields declined 10 basis points this week to 4.02%. This is the lowest level for the index since Sept. 29, when it was 3.93%. The 11-bond GO index of higher-grade 20-year GO yields also dropped 10 basis points this week to 3.75%, which is its lowest level since Sept. 29, when it was 3.67%.

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