Muni Buyers Step Back Following Treasury Sell-Off

Curran, Bill
January 2006
Bond Buyer;1/27/2006, Vol. 355 Issue 32307, p2
Trade Publication
The article reports that tax-exempt investors backed away from the bid side of the market as a news of stronger-than-expected durable goods order added fuel to a sell-off in Treasuries in the United States. Treasuries started the day in the red. It sank lower when the Department of Commerce reported new orders for durable goods, excluding semiconductors, rose 1.3 percent in December. Merrill Lynch & Co. Inc. director of fixed-income strategy James Caron claims that elements of the durable goods data indicate that the economy is nearing capacity. He also adds that it could lead to additional monetary tightening.


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