Municipals were little changed in quiet trading with few prints to direct benchmark yields in any direction while the pendulum swung to risk-on with equities seeing large gains and U.S. Treasuries slumping back to losses. Triple-A benchmarks were left unchanged, and ratios fell. The five-year was at 48%, 69% in 10 and 78% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five at 46%, the 10 at 71% and the 30 at 79%. Tax-exempt municipal benchmarks have remained steady, owing to persistent uncertainty in what investors understand the term “inflation” implies, according to Municipal Market Analytics.
Source: The Bond Buyer
