The risk-off trade, brought on by economic woes in Europe, buoyed fixed income assets and pushed munis and Treasuries higher. Yields hit record lows in the Treasury market and munis were on pace to do the same Monday morning.
Munis were much stronger Monday morning, according to the Municipal Market Data scale. Yields inside five years were steady while six- to nine-year yields dropped between one and four basis points. Outside 10 years, yields plunged three to five basis points.