The Bond Buyer's weekly yield indexes declined this week, as municipals grew firmer in each of the week's sessions until yesterday, when yields did an about-face.
"Coming into [yesterday], we had continued to rally a little bit, and the scale had a little bit of flattening," said Evan Rourke, portfolio manager at MD Sass. "However, we reversed some of that. We had steepened pretty impressively for about month, and I think we picked up about 30 basis points. So to see a little bit of flattening come back in is not that surprising."