The Federal Reserve left its federal funds target range unchanged at zero to 0.25%, while municipal bond prices slipped again yesterday and underwriters priced for retail parts of Citizens Property Insurance Corp.'s $2 billion offering from Florida.

Yields on munis ticked up one or two basis points as the market continued to retreat following a rally some traders say overextended, continuing a sell-off that began last week. Recent softness in the market over the past five trading sessions follows a three-week rally during which yields on the 10-year triple-A plunged 45 basis points, according to Municipal Market Data.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.