Johnv Miller News Today

As previously announced on April 10, 2023, John V. Miller effective today is no longer a portfolio manager for Nuveen Municipal High Income Opportunity Fund , Nuveen Taxable Municipal Income Fund ,... | May 31, 2023

The Miller announcement came as a global settlement agreement that resolves Preston Hollow Capital LLC's litigation against Miller and Nuveen was disclosed.

Outside of economic data, "a light forward calendar is driving strong demand in the secondary market and with new issues, with some deals being significantly oversubscribed," SWBC's Roberto Roffo said.

Munis are directionally trading with USTs but underperforming in days where USTs rally and outperforming in days where USTs sell-off, said Greg Gizzi, head of U.S. fixed income and head of municipal bonds at Macquarie Asset Management.

The banking sector crisis caused a flight-to-quality bid in USTs last week.

February municipal bond activity compared to last month is brisk yet more finicky in the face of an ongoing supply shortage, according to Jeff Lipton, head of municipal credit and market strategy and municipal capital markets at Oppenheimer & Co.

Outflows lessened, with the Investment Company Institute reporting investors pulled $3.157 billion from mutual funds in the week ending Jan. 4, after $3.402 billion of outflows the previous week.

Secondary selling pressure was concentrated most heavily on the one-year Tuesday, but sellers pushed yields higher across the curve by five to seven. Bids wanteds were on the rise again with Monday's total hitting $2.122 billion.

Despite the volatility in equities and Treasuries, the backdrop for munis is very positive.

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.