Nearly all The Bond Buyer's weekly yield indexes climbed this week, as tax-exempt yields grew weaker in all the week's sessions.
"The calendar is fairly large, demand is soft, and there are just not a lot of people out there clamoring for munis, unfortunately," said Evan Rourke, portfolio manager at MD Sass. "On the supply side, you still have a very large calendar. On the demand side, you don't have any natural source of demand, and the dealer community is getting ready to close up their books for the year. They're not really going to step up, so you have to find some source of demand."