Municipal bonds yields continued their descent and once again rewrote the record books, as the flight-to-safety movement on fears of COVID-19 that took place Friday picked up right where it left off.
Stocks were down in excess of 3% at press time while Treasury yields sank further, as spooked investors fled risky assets, such as equities, into safer investments like municipal and Treasury bonds.
“How low can they go? That’s the real question,” said one New York trader. “We have gotten barely any positive news on containment, curing or stopping the virus. Until we do, this is going to be the reaction markets will have.”
(Read more: The Bond Buyer)
