Munis sell off after Fed indicates rates will be higher for longer

The general bias toward muni rates is that they would be a bit higher with technicals “being a little less supportive than they were in August, plus what we heard with from the Fed ‘higher for longer,’ and potentially another hike,” said Jeff MacDonald, head of Fixed Income Strategies at Fiduciary Trust International.

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A weaker tone ahead of FOMC, lighter calendar

“We believe investors should take advantage of the current high rates environment: investors should pick and choose bonds selectively in the coming weeks in anticipation of this tightening cycle’s end after November,” BofA strategists said.

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