Municipal bond yields rose for the first time in nearly six weeks on Thursday as traders snatched up profits following 27 days of steady or rising prices.
“You can’t keep it going forever,” a California trader said. “You’d like it to, but it had to stop at some point. We needed to take a breather so the market could consolidate some of the gains it has had. Now we can take a look at the market and see where it is heading.”