Muni Yields Rise Three Basis Points; Treasuries Fall Off as Equities Gain

Chesla, Nicholas
May 2003
Bond Buyer;5/5/2003, Vol. 344 Issue 31628, p2
Trade Publication
Municipal bond yields rose three basis points showing weaker treasuries and higher stocks, while light-to-moderate trading activity permeated the market. Earlier, Treasuries also lost ground when April non-farm payrolls were reduced to 48,000, which was less than expected, while the unemployment rate rose to 6.0 percent from 5.8 percent in March 2003. Ahead, Federal Reserve policy makers were likely to leave the federal funds target rate unchanged at their meeting on May 4 2003, senior economist of Morgan Stanley William Sullivan said, due to a belief geopolitical uncertainties had been a major contributor to economic conditions as well as a accommodative financial market environment.


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