Nearly all The Bond Buyer's weekly yield indexes declined this week, as municipals mostly followed the Treasury market in a mixed week during which gains outweighed losses.
"Whatever improvement we've seen in the market the past week is because of our ability to digest the new issues, and a decent amount of order flow," said Fred Yosca, managing director and head of trading at BNY Capital Markets. "There really hasn't been any fundamental change in the range we've been trading in. We're very much a backwater at the moment. Not that we usually aren't. But especially so right now. We're not in the news, which is the good news."