Secondary bond market

Markets took the news that it will soon be appropriate to increase the Fed funds target rate at a slower pace as good news.

Lower supply in 2022 has somewhat helped the market avoid larger losses, many participants have said.

The negotiated calendar this week is very light due to the Thanksgiving holiday, with only four deals above $100 million.

Issuance shrinks to $722 million while Bond Buyer 30-day visible supply sits at little more than $7 billion.

Municipals improved again Thursday, pushing the 10-year yield firmly below 3%, while Refinitiv Lipper reported $604.704 million of inflows into municipal bond mutual funds for the week ending Wednesday.

Investment bank expands with three former Citigroup muni veterans at the helm.

As market participants navigate through the remaining weeks of 2022, Jeff Lipton, managing director of credit research at Oppenheimer Inc., expects munis to maintain their outperformance over USTs

Triple-A yields fell five to eight basis points while UST saw yields fall up to nine out long, moving the 30-year UST below 4% for the first time since mid-October.

Illinois raised its fiscal 2023 revenue estimates by $3.69 billion, giving Gov. J.B. Pritzker enough to propose doubling the state's $1 billion rainy day fund.

Munis were in their own lane while broader markets were mixed Monday as participants digested various Fed officials' comments on inflation and rate hike schedules.