Muni mutual funds see nearly $3 billion outflows

Municipals were stronger on Thursday with yields falling another two to five basis points on triple-A yield curves and new-issues fared well while Refinitiv Lipper reported $2.9 billion of outflows, marking the largest negative flows in nearly two years.

The last time outflows were above $2 billion was on April 8, 2020 when they hit $2.3 billion and prior to that was the massive outflows during the height of the COVID-led market chaos when $13.6 billion and $12.2 billion were pulled in mid- to late-March 2020. High-yield saw $1.456 billion of outflows in the latest week while exchange-traded funds saw small inflows.