The Bond Buyer's weekly yield indexes were mixed this week, as positive sessions were slightly outweighed by negative ones, particularly away from the short end of the municipal yield curve.
"The positive momentum has diminished," said Matt Fabian, managing director at Municipal Market Advisors. "I think we're still probably biased positively, but the momentum has diminished quite a bit. We're probably more now stable to positive, as opposed to generally positive. Now, with sort of a fall in high-grade yields, you would think that you'd see more credit and term spreads developing, as those bonds cheapen up back through retail support levels."