The Bond Buyer’s weekly yield indexes were narrowly mixed this week, as municipals ambled around unchanged amid somewhat light secondary trading.
“The market has been unchanged since last week. There was some sell-off in the Treasury this week, but we did not see the same in the munis,” said Fred Yosca, managing director and head of trading at Bank of New York Mellon. “The two positives for munis this week were the high crossover ratio to Treasuries and the June 1 reinvestment cash. But the offset to that is the fact that yields are so low. It may discourage a lot of people from reinvesting.”