The Bond Buyer's weekly yield indexes rose this week, as tax-exempt yields either remained unchanged or climbed higher in each of the week's sessions, and a weaker tone permeated throughout.

"We've just sort of run out of retail interest. Demand is lower," said Matt Fabian, managing director at Municipal Market Advisors. "People are more concerned about inflation risk, and hedging hasn't gotten any easier. Plus, the offering curve is extremely rich, so the risk of negative price movements is very high, and with more limited demand. I think that most buyers have realized this and slowed down their buying. So, although there are positive things out there, there are definitely reasons for pause."

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