Municipals sold off Tuesday, with triple-A benchmarks seeing cuts up to 11 basis points and the 30-year topping 3% on some scales. U.S. Treasuries were weaker, experiencing double-digit cuts on the short end, and equities rallied.
Triple-A muni yields rose nine to 11 basis points, depending on the scale, while UST yields rose 10 to 15 basis points on bonds 7 years and in, with the largest losses on the one- and two-year. Muni-UST ratios were at 82% in five years, 91% in 10 years and 100% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five at 81%, the 10 at 90% and the 30 at 101% at a 4 p.m. read.
Read more (behind a paywall) here.