In the News:
- The Next FOMC Meeting is Wednesday, May 3, 2023 with a 70.7% probability of a 25 basis point increase according to CME Group’s Fed Watch Tool.
- US employers added 236,000 below expectations and indicating the labor market is cooling off amid Federal Reserve’s repeated rate-hikes.
- Supply remains low for new issue municipal bonds. This week an estimated $5.4 billion supply but two issues — California GO and San Francisco Public Utilities Commission — made up 66% of this volume.
- 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 4/7/23
EMMA New Issue Calendar
FRED Economic Calendar
Ehlers’ Upcoming Bond Sales & Recent Sale Results
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