Fund flows plummet, high-yield sees outflows
Municipals were mostly steady on a day when U.S. Treasuries sold off and equities rallied in a risk-on trade from debt-ceiling news in Washington while Refinitiv Lipper reported a mere $37 million of fund inflows and a near half-billion of high-yield outflows.
Triple-A benchmarks were little changed on the day with Refinitiv MMD cutting the 2- to 5-year one basis point, while leaving the rest of the curve unchanged. ICE Data services saw one basis point cuts on the 10- and 30-year, Bloomberg BVAL saw one basis point cuts in spots while IHS Markit was little changed.
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