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Municipal yields rose Wednesday in both secondary trading and as seen in primary deals with wider spreads than recent levels while fund flows reported another round of large inflows into municipal bond mutual funds, a key player in propping up a portion of the market.
Triple-A benchmarks were one basis points higher in yield on the short end to five out longer as the theme of investors demanding more yield continued, pushing the 10-year above the 1% threshold.
Ratios crept higher as a result. The 10-year muni-to-UST ratio rose to 68% while the 30-year was at 72%, according to Refinitiv MMD. ICE Data Services had the 10-year muni-to-Treasury ratio at 66% and the 30-year at 71%.