In the News:
- Determined to continue combating inflation despite ongoing turmoil in the banking sector, the Federal Reserve raised rates by 25 basis points on Wednesday.
- The Next FOMC Meeting is Wednesday, May 3, 2023. As of March 23rd, there is a 57.3% probability of no rate change according to the CME Group Fed Watch Tool.
- The central bank also released economic projections, which now forecast higher levels of inflation in 2023 than previously expected. The unemployment rate for the year is now expected to increase from 4.4% to 4.6%.
- BVAL AAA Curve = Bloomberg Valuation Service’s real-time and contributed sources tracking movement in the Municipal market.
- BBI = Bond Buyer Index; a daily index of municipal bond prices created by the Chicago Board of Trade and published by The Bond Buyer.
- RBI = Revenue Bond Index; a weekly index of interest rates on revenue bonds.
- 10-Year TSY = 10-Year Treasury index tracking the yield of U.S. Treasury Securities. It is closely watched as an indicator of broader investor confidence.
- SOFR Index = An extension of the Secured Overnight Financing Rate (SOFR), it measures the cumulative impact of compounding the SOFR on a unit of investment over time (i.e. One Year).
- Fed Funds Rate = Set by the Federal Open Markets Committee, it guides overnight lending between U.S. banks.
*30 Day Visible Supply based on Bloomberg Fixed Rate municipal calendars. Excludes accreted value of capital appreciation bonds and short-term notes. Prior to March 7, 2005, values calculated using full calendar history.
Source: Bloomberg – Rates as of 3/23/23
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