Muni yields rise further ahead of Fed rate hikes
Municipals were weaker amid larger losses in U.S. Treasuries while equities ended mixed as markets were quieter ahead of the FOMC rate-hike decision Wednesday. Triple-A benchmark yields were cut five to eight basis points, depending on the scale, while USTs rose six to 11 basis points. Muni-to-UST ratios were at 66% in five years, 84% in 10 years and 99% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five at 67%, the 10 at 83% and the 30 at 98% at a 4 p.m. read. In the primary, J.P. Morgan Securities priced for Riverside County, California, $360 million of 2022 tax and revenue anticipation notes, with 5s of 6/2023 at 2.15%, noncall.
Source: The Bond Buyer
