Yield Indexes Rise Following Cut in Federal Funds Rate to 45-Year Low

Smith, Aaron T.
June 2003
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p7
Trade Publication
The Bond Buyer yield indexes rose in the week following June 27, 2003, after the U.S. Federal Open Market Committee cut 25 basis points off the target for the federal fund rate. On June 24, Treasury prices got another lift, despite the advancement of equities, while municipal bond yields fell three basis points. Investors began to anticipate a major corporate bond issue from General Motors Corp. later in the week, with estimates ranging from $13 billion to $17 billion. The revenue bond index rose eight basis points to yield 4.97%, from last week's 4.89%.


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