Muni Bond Traders Idled by Ennui, Bide Time as Treasuries Fall Again

Johnson, Anasutsija; Curran, Bill
December 2004
Bond Buyer;12/30/2004, Vol. 350 Issue 32040, p2
Trade Publication
The article reports that the municipal bond market finished little changed yesterday but veered to the downside as Treasuries extended their losses after a sloppy $24 billion two-year Treasury note auction. Traders said the market was illiquid and disjointed, as the few participants buying and selling bonds were motivated not by general conditions but by disparate year end factors, such as the need to reinvest coupon income or to take losses for tax reduction purposes. Although there were some bonds out for the bid, traders said selling has been limited to year-end position squaring.


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