In the News:

• The Next Federal Open Market Committee meeting is Wednesday, March 22, 2023.  According to CME Group Fed Watch Tool, there is a 96.7% probability of another 25 basis point rate hike.
• The U.S. added 517,000 new jobs in January, well above the 187,000 forecast.  These results are drawing concerns about the Fed’s prolonged tightening measures.
• On a relative basis, short munis are yielding about 50% of Treasuries, a ratio far below a 12-month average at 67%. This means munis are currently quite expensive.

Rate Indices:

Source: Bloomberg

Resources: EMMA New Issue Calendar | FRED Economic Calendar

Important Disclosures:

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