Muni Yields Fall 1 to 2 Basis Points

Chesla, Nicholas
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p2
Trade Publication
Municipal bond yields decreased one or two basis points on April 17, 2003 even as Treasuries were affected due to an early market close. Governments were mostly lower, reversing their early gains, while equities rose when the April 2003 Philadelphia Federal Reserve business outlook survey decreased than expected to negative 8.8 versus negative 8.0 in March 2003. Scott Anderson, senior economist at Wells Fargo Bank, the decline in the survey reflected general weakness in the manufacturing sector. Carol Stone, deputy chief economist at Nomura Securities International Inc., said the rise in initial claims continues to reflect a dull labor market.


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