Munis and U.S. Treasuries were a bit firmer on Monday, suggesting investors are waiting for more details about the peace deal with Iran and Kevin Warsh's first meeting as Federal Reserve chair. Equities ended higher, with the Dow setting a record.
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Muni yields fell by up to two basis points outside. U.S. Treasury yields fell by up to three basis points, with the biggest gains in the three to seven-year range.
The president's announcement of a peace deal with Iran provoked little movement in the muni or UST market Monday. Schwab's Cooper Howard said investors want to see more evidence the deal is concrete before reacting. This week, he said, most of their attention will be on the Federal Reserve.
"It's going to be Warsh's first press conference," Howard said. "He's been very clear that he doesn't like [how much] the Fed communicates, so I would not be surprised if he lays the groundwork or even proposes potentially pulling back in terms of communications."
Christina Baker covers the Northeast for The Bond Buyer. Before that, she was an intern at The Bond Buyer via the Dow Jones News Fund. She's covered... Read full bio
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