TITLE

Municipal Bonds Are Little Changed; Tone Firm in Light to Moderate Trading

AUTHOR(S)
Chesla, Nicholas; Johnson, Anastasija
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/6/2003, Vol. 344 Issue 31629, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Municipal bonds were little changed on May 5, 2003 while market tone firmed in light to moderate trading. Treasuries increased, while equities decreased. Peter Kretzmer, senior economist at Bank of America Corp., said the unexpected jump in the index was an optimistic sign certain sectors of the economy were picking up, but added it was premature to draw broad conclusions. Kretzmer said the Federal Reserve Board was likely to keep the federal funds target rate unchanged at its policy-setting meeting on May 5, 2003 with the balance of risks toward weakness rather than inflation. Meanwhile, new-issue supply has been impressive in 2003 with a strong absorption rate for new bonds despite rate shock among retail investors, according to George Friedlander, fixed-income strategist at Citigroup Global Markets.
ACCESSION #
9810689

 

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