| Government Securities Prices | 10-year: 100 12/32 to yield 2.33, up 2/32 30-year: 101 3/32 to yield 3.07, up 1/32 |
|---|---|
| Municipal Bond Index | 125 21/32, up 16/32 |
| The Bond Buyer's 30-Day Visible Supply (as of 10/10) | Total: $9.014 billion, up $1.733 billion Competitive: $2.653 billion, up $118.5 million Negotiated: $6.361 billion, up $1.614 billion |
| The MuniCenter List | Offering total: $8.852 billion, down $208.9 million |
The veto means California won't have a new vehicle to fund large-scale infrastructure. Newsom also killed a bill to unwind pension reforms.
Muni yields are succumbing to a "domino effect," said Kim Olsan, portfolio manager at NewSquare Capital.
A three judge panel upheld a lower court rejection of the bondholders' suit against Puerto Rico's central government.
Maryland enters the data center regulation movement as Governor Wes Moore signs an executive order and signals an end to sales tax exemptions.
The selloff in munis this week is "against a backdrop of historic bid wanted in competition volume, continued rate volatility, tax-loss selling [and] unfavorable technicals," said J.P. Morgan strategists.
"We believe strongly in these sectors, and they are poised for even more growth," Bo Daniels, Loop Capital's head of public finance, said in a statement.
