Municipal yields continue rising even before Fed statement
The statement offered no surprises, but Fed Chair jerome Powell's refusal to denounce more hawkish scenarios hurt market sentiment.
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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.