In the News
- The Next FOMC Meeting is July 26, 2023 with a 92.4% probability of a 25 basis point hike and 7.6% chance of no rate change according to CME Group’s FedWatch Tool.
- Treasury yields rose across the curve after the ADP jobs report was released and extended their climb after data showing the service sector expanded in June at the fastest pace in four months.
- Municipal-bond issuance nationally started to recover in June, marking the first month in 2023 where new issue sales rose year-over-year. Municipalities were likely waiting to see if rates would come down but eventually needed to tap the market for impending project needs.
- 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 7/6/2023
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