Mortgages

Munis followed UST weaker while stocks sold off after the employment report, which offered many messages. Analysts believe the bottom line is the Fed will liftoff in March.

“Our state’s strong economic recovery has accelerated back to pre-pandemic levels for unemployment and GDP,” said Gov. Bill Lee.

The weaker-than-expected employment report sent U.S. Treasury yields lower and equities sold off. Munis did what they've been doing — mostly ignored it.

The Investment Company Institute reported $974 million of inflows into municipal bond mutual funds in the week ending Nov. 23, down from $1.430 billion in the previous week.

The Build Back Better Act contains provisions that could help states finance additional affordable homes.

State economies are generally stronger than anticipated in the first half of 2021.

By lowering the amount of private activity bonds needed to finance low-income housing, the provision would free up PABs volume for other projects.

The long end of the municipal curve rallied under a backdrop of stronger-than-expected October jobs data and upward revesions to the prior two months ahead of the arrival of $9.6 billion next week.

The Illinois Municipal Electric Agency will have paid off its debt by the time the Prairie State Energy Campus faces an emissions deadline to avoid an early decommissioning under new Illinois clean energy mandates.

Municipals outperformed the move in taxables Friday but weakness hangs over the market as fund flows lessen and supply increases. Taxable munis may be keeping exempt rates from moving higher.