Municipals were mixed after the Federal Open Market Committee implemented a third straight 75 basis point rate hike as it continues to combat inflation, pushing the two-year U.S. Treasury above 4% while the 10-, 20- and 30-year made gains. Equities ended in the red. The FOMC raised the fed funds rate target 75 basis points to a range of 3% to 3.25%, as expected, and members are leaning toward a rate of 4.4% by yearend and 4.6% next year. The post-meeting statement acknowledges upcoming hikes, saying the FOMC “anticipates that ongoing increases in the target range will be appropriate.”
Source: The Bond Buyer
