Page 14 - Ramirez Co News Today

The statement offered no surprises, but Fed Chair jerome Powell's refusal to denounce more hawkish scenarios hurt market sentiment.

Munis are expected to underperform for another few weeks as markets remain volatile and investors reevaluate allocations.

The combination of steady supply, heavy secondary selling and inconsistent demand have moved yields to their highest levels since May 2020.

Wisconsin closed fiscal 2021 with a record $1.18 billion positive balance based on the GAAP yardstick that had long showed the state in the red.

It marked the 40th straight week of positive flows into the long-term funds and brought the total inflows for this year near $82 billion. Exchanged-traded funds saw $168M of inflows.

Triple-A yield curves were unchanged on the day and mostly have not budged but a basis point in spots since the end of November.

Coming off last week's $19.5 million influx of weekly new issues, supply this week is lower as the market watches the Federal Open Market Committee meeting.

Quincy officials say they are getting out front of a state directive for full local funding by 2037.

There are $8.127 billion of negotiated deals on tap and a mere $367.4 million of competitive loans slated, none over $100 million. Thirty-day visible supply totals $9.9 billion and net negative supply is at $8.4 billion.

The sale is Babson’s first since 2017. The business-and-entrepreneurial themed private college, which opened in 1919, has about $150 million of outstanding bonds, according to its presentation to Moody’s.