Munis little changed to start the week

This week’s $9.4 billion calendar “should easily be absorbed as it is set to be the last full primary calendar of the year, given the Fed meeting the following week and then Christmas and New Year’s holidays,” Birch Creek Capital strategists said in a weekly report.

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Munis improve ahead of holiday; issuance grows to $7B

“The market has had a solid tone to it recently even with the strong rally seen this month,” Roberto Roffo, managing director and portfolio manager at SWBC Investment Management, said of the Nov. 10 rally where municipal yields in 10 years fell by as much as 40 basis points.

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Another strong session for munis; FOMC minutes signal caution

The large drop in yields since the end of October can be reflected in sentiment that investors expect a potentially dovish Fed next year, and that a soft landing narrative gives them “permission to finally purchase the bonds they’ve been admiring,” said MMA’s Matt Fabian.

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A bullish view on munis sets in

BofA Global Research strategists said they believe peak muni yields in this Fed tightening cycle were attained in October 2023 and “the bull market for munis is underway.”

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Munis see good demand as market tone improves

“Demand is firming up. Interest rates have moved off the recent highs. Intermediate muni yields are about 50 basis points off from those highs,” said Stephen Shutz, head of tax-exempt fixed income and a portfolio manager at Brown Advisory.

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