Municipals faced more cuts to triple-A benchmark yields with the five-year hitting 1%, a level not seen on Refinitiv MMD’s curve since May 2020 and the 10-year at 1.34%, a rate high not seen since April 2020 when the market was in recovery from the initial COVID-induced selloff. U.S. Treasuries were slightly weaker while equities ended in the red after paring back much larger losses earlier in the day ahead of Wednesday’s much-anticipated FOMC meeting.
Source: The Bond Buyer
