Treasury Market Rally, Arb Demand Help Drive Up Tax-Exempt Prices

Johnson, Anastasija
September 2004
Bond Buyer;9/23/2004, Vol. 349 Issue 31975, p2
Trade Publication
Reports on the impact of a rally in treasuries, which made tax-exempt prices cheap on municipal bond prices in the U.S. Sale of multimillion-dollar worth of public improvement bonds by the Puerto Rico market; Declaration of traders that bonds were quoted two five basis points lower in yield with most gains on the long-end; Effect of the decision of Federal Reserve policymakers to hike the target federal funds rate to 1.75 percent on treasuries.


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