Nearly all The Bond Buyer’s weekly yield indexes increased considerably throughout this holiday-shortened week as supply pressure weighed heavily on long-term munis.
“Yields have been backing up, particularly on the long end,” said Evan Rourke, portfolio manager at Eaton Vance. “There’s still a fairly hefty calendar. You’ve got long munis with a 4-handle; that’s making the market a little interesting. People are seeing opportunities heading into the large December-January reinvestment flows. There’s still uncertainty around, though.”