Money market funds

Tax-exempt money market funds reached a 2024 high of assets under management at $136.84 billion for the week ending Wednesday, according to the Investment Company Institute.

Most of the selling during tax season happens on the front end of the curve, said Wesly Pate, senior portfolio manager at Income Research + Management.

Securities and Exchange Commission chairman Gary Gensler, speaking in front of the Senate Banking Committee, defended his tenure and the 22 rulemaking proposals he's adopted in the last few years.

The SEC has adopted amendments that will increase minimum liquidity requirements, among other features but will only affect the muni market on the margins.

The New York Fed has called on regulators to issue updated rules on money market funds, but the market effects are quickly transforming the market.

The Securities and Exchange Commission has proposed amendments to its money market fund rules, which it has tinkered with repeatedly since the Great Recession.

The SEC opened a request for comment on money market fund rules, which could provide an opening for localities seeking a return to a stable net asset value.

With interest rates near zero, and expected to remain there. money market funds may no longer be attractive to individual investors.

New deals thrive and inflows continue as Lipper reports $1.2 billion into municipal bond mutual funds.

Taxable equivalent yields on exempts are close to converging into taxables.

In the midst of issuer credit deterioration due to coronavirus, muni yields fell and new-deals were priced on the heels of California's $54 billion deficit news.

The municipal market kept with a cautious tone on Thursday as the new-issue market continues to digest deals.

The municipal bond market again sold off as much as a half percentage point across the curve.

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments.

Former N.Y. Giants tight-end and two-time Super Bowl champion Mark Bavaro is taking on an expanded role at Academy Securities.

The House of Representatives' vote to impeach a president for only the third time ever had 'zero' impact on the municipal market, while stocks soared.

If anyone had doubts about the market's ability to digest the largest weekly issuance influx in nearly two years, those can be put to bed now that all the deals have come and gone.

The last remaining deals of the week priced into a muni market that continues to perform strongly, as technical factors and drivers persist.

Municipals spent Thursday following the rally in Treasuries, with new issues dominating the focus.

A powerful equity market whacked Treasuries and munis followed suit and as much as a 7 bp correction ensued.