REGISTER NOW Municipals opened the week steady with a firmer tone Monday, while U.S. Treasury yields fell again and equities moved up and down throughout the day, as the COVID Delta variant's spread and its effects hang over all markets. Municipal-to-UST ratios rose as a result. ICE Data Services showed the 10-year muni/UST ratio at 71% and the 30-year at 74%. Refinitiv MMD had ratios at 70% in 10 years and 75% in 30. While municipals have cheapened some relative to their taxable counterparts and triple-A benchmark yields were little changed, underperforming the taxable movements, a firmer tone was exhibited in secondary trading. Even with the ultra low yields across the municipal credit spectrum, the asset class performed well in July and returns for the year are all in the green.