Municipal bond traders are taking a break as the market quiets down ahead of the looming Labor Day holiday weekend.
The primary sector is wrapped up for the week, as there are no major competitive or negotiated deals scheduled for Thursday or Friday.
Treasuries were little changed on Thursday. The yield on the two-year Treasury was flat from 1.33% on Wednesday, the 10-year Treasury yield dipped to 2.13% from 2.14% and the yield on the 30-year Treasury bond decreased to 2.74% from 2.75%.
Top-quality municipals ended unchanged on Wednesday. The yield on the 10-year benchmark muni general obligation was unchanged from 1.86% on Tuesday, while the 30-year GO yield was steady from 2.71%, according to the final read of Municipal Market Data's triple-A scale.
On Wednesday, the 10-year muni-to-Treasury ratio was calculated at 87.1%, compared with 87.1% on Tuesday, while the 30-year muni-to-Treasury ratio stood at 98.7% versus 98.7%, according to MMD.
MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 39,644 trades on Wednesday on volume of $13.97 billion.
Tax-exempt money market funds see outflows
Tax-exempt money market funds experienced outflows of $206.4 million, bringing total net assets to $129.96 billion in the week ended Aug. 28, according to The Money Fund Report, a service of iMoneyNet.com.
This followed an outflow of $203 million to $130.17 billion in the previous week.
The average, seven-day simple yield for the 231 weekly reporting tax-exempt funds increased to 0.35% from 0.33% the previous week.
The total net assets of the 850 weekly reporting taxable money funds decreased $17.21 billion to $2.551 trillion in the week ended Aug. 29, after an inflow of $25.64 billion to $2.568 trillion the week before.
The average, seven-day simple yield for the taxable money funds remained at 0.67% for the third week in a row.
Overall, the combined total net assets of the 1,081 weekly reporting money funds decreased $17.41 billion to $2.681 trillion in the week ended Aug. 29, after inflows of $25.4 million to $2.698 trillion in the prior week.
Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar increased $434.1 million to $5.79 billion on Thursday. The total is comprised of $2.72 billion of competitive sales and $3.07 billion of negotiated deals.