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Supply has weighed on munis to some extent over the past few weeks, as week after week issuance tops $10 billion, said Jeremy Holtz, a portfolio manager at Income Research + Management.
May 28 -
Muni yields were bumped up to eight basis points, depending on the curve, on Tuesday, but for most of last week, U.S. rates sold off on the heels of passed legislation, said Barclays strategists Mikhail Foux and Grace Cen.
May 27 -
"We're seeing some of the additional instability and other things come into play," said Dan Genter, CEO of Genter Capital Management.
May 22 -
"Light demand" for Wednesday's 20-year Treasury bond auction "propelled yields to the nosebleeds and equities to the basement," said José Torres, senior economist at Interactive Brokers.
May 21 -
The "risk to the tax exemption appears to have dropped sharply as of last week ... taking with it the hypothetical risk of a supply surge ahead of any end-date for borrowers' exemption access," said Matt Fabian, a partner at Municipal Market Analytics.
May 20 -
"Munis are no longer moving on headlines; they're reacting to rates and supply," which is playing out again Monday after a choppy March and April, said James Pruskowski, chief investment officer at 16Rock Asset Management.
May 19 -
Municipals were cut up four basis points, depending on the curve, through noon.
May 19 -
Issuance for the week of May 19 is estimated at $11.667 billion.
May 16 -
A couple of "bond-friendly" economic reports released Thursday could encourage the Federal Reserve to reduce interest rates in the near future, some analysts argued.
May 15 -
While April was a challenging month for muni performance, this summer will be a more supportive environment, said Mark Paris, chief investment officer and head of municipals at Invesco.
May 14