Most of The Bond Buyer's weekly yield indexes declined this week, as gains from an early-week rally barely withstood a sell-off yesterday.
"The market tried to push higher earlier in the week, and there were a couple good days in there. But we're certainly finishing the week on a low note," said George Strickland, managing director and portfolio manager at Thornburg Investment Management. "[Yesterday], with equities up strongly, we're seeing Treasuries fall off, and where munis have been largely resistant to that, outperforming Treasuries for most of the week, it seems like we're falling in line with Treasuries [yesterday]. I'm seeing a lot of selling pressure showing up in the secondary market, and that's making the market adjust lower."