Municipals, Treasuries Firm Up As Reinvestment Cash Hits Market

Johnson, Anastasija; Curran, Bill
January 2005
Bond Buyer;1/6/2005, Vol. 351 Issue 32044, p2
Trade Publication
The article reports that long-term municipal bonds firmed yesterday, as Treasuries recovered most of the ground lost during a sell-off Tuesday, while seasonal reinvestment flows continued to give a better tone to the rest of the tax-exempt market. Traders said the municipal yield curve continued to flatten and yields on the long end were adjusted two basis points lower, while the front end remained flat or was a touch weaker, according to some accounts. At least for a day, the market shook off Tuesday's weakness, which was prompted by the release of the minutes of the December 14 Federal Open Market Committee meeting. The minutes indicated that some policymakers were worried the rate of inflation could accelerate and wanted to remove the measured characterization of the policy changes.


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