Yields Fall for 5th Consecutive Session; Governments Rise on Economic Data

Chesla, Nicholas; Johnson, Anastasija
June 2003
Bond Buyer;6/16/2003, Vol. 344 Issue 31657, p2
Trade Publication
Municipal bond yields decline for the fifth consecutive session, dropping three or four basis points on June 20, 2003. Kevin Logan, senior market economist at Dresdner Kleinwort Wasserstein, said May 2003 core PPI indicated the economy was experiencing price stability, which did not change market expectations for an easing of monetary policy by the U.S. Federal Reserve Board later in June. In the municipal market, yields fell three or four basis points amid sizeable block trading, particularly in the serial range, with demand coming especially from non-traditional buyers, such as tender option bond programs and arbitrage accounts.


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