The municipal market was unchanged with a slightly firmer tone yesterday, as the Federal Open Market Committee again held the federal funds rate target steady in its 0% to 0.25% range.
“There is still a bit of a firmer tone, but that’s mostly a carry-over from yesterday,” a trader in New York said. “We’ve had that firmer feeling for a little while now. But I’m not really seeing enough to say that it’s solidly better today. It feels somewhat flat to me. But if we’re leaning in any direction, it’s a little better. Maybe a basis point or so at most.”