Most of The Bond Buyer's weekly yield indexes declined this week, as the municipal market was largely unchanged to slightly firmer through most sessions as investors returned to work from a long weekend.
"Yields are grinding lower. We're certainly not keeping up with the Treasury market, but there is definitely some strength in the market," said George Strickland, managing director and portfolio manager at Thornburg Investment Management. "There's a little bit of spread tightening in some of the sectors that have been beaten up a little bit, like airport bonds. I think it's really just pretty much a little bit of trying to follow Treasuries, but more technical factors. There's some cash out there that evidently needs to be put to work."