- As we have now mentioned, MUNIs for September completed sturdy. Many are calling for the steadiness of the 12 months to stay agency as a result of many of the document surge in provide is starting to dry up. We now have reported all 12 months in regards to the glut of provide hurting pricing whereas shifting yields up; we are actually beginning to see a slowdown within the main markets, which ought to assist pricing. I don’t assume we are going to see one other 25bps transfer to the draw back this month, however 5-10bps will not be out of the query.
- The FED confirmed a willingness to decrease charges additional this 12 months, however many have expressed (as we have now reported) warning pushed by considerations over inflation at their coverage gathering final month. Most have judged that it might be acceptable to ease coverage additional over the rest of this 12 months, however with the identical breath, they expressed considerations over inflation. I believe, together with others, we are going to see no less than yet another transfer down this 12 months.
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