The Bond Buyer’s yield indexes climbed this week as tax-exempt yields edged higher against a large new-issue calendar and a weakening Treasury market.

“I would characterize the last week as the municipal market recognizing that the Treasury market still matters,” said Michael Pietronico, chief executive officer at Miller Tabak Asset Management. “For a matter of months, the muni market, positively so, was trading in its own vacuum, so to speak, and I think the higher Treasury rates in particular this week with declining ratios and a surging amount of municipal supply took its toll.”

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