Trading Sluggish as Participants Hold Out for Election Results

Johnson, Anastasija; Curran, Bill
November 2004
Bond Buyer;11/3/2004, Vol. 350 Issue 32003, p2
Trade Publication
The article discusses about the effect of presidential election on the municipal bond market. The municipal bond market finished a touch weaker in sluggish trading, as participants mostly sat on their hands awaiting the results of the presidential election. When bonds did change hands, prices were slightly cheaper and traders said that yields were quoted on one or two basis points higher in spots, as participants were more flexible with their offerings and willing to make a concession to the bid side. According to Municipal Market Data, treasuries sold off on the back of weaker oil prices, pressuring the tax-exempt market.


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