Market Insights

The Federal Reserve held rates steady this week, but the vote itself was the story. Three regional Fed presidents — Cleveland’s Beth Hammack, Minneapolis’s Neel Kashkari, and Dallas’s Lorie Logan — dissented in favor of a quarter-point hike.

Yields moved higher again this week. The 10-year Treasury touched 4.70% as we write this, and munis and corporates followed, pushing prices lower across the curve.

Investors placed more than $70 billion in orders for roughly $2.4 billion of tax-exempt bonds this week, one of the largest order books in municipal market history.

Fed Chairman Kevin Warsh’s break from forward guidance is looking less like a one-off posture and more like doctrine.

Municipal investors are entering the summer with their most favorable technical backdrop in months.

Something that seemed months away has now arrived: a formal ceasefire framework between the United States and Iran, and with it, a meaningful shift in the macro backdrop investors have been navigating since February.

May’s nonfarm payrolls came in at 172,000 — the strongest three-month advance in more than two years — and the unemployment rate held steady at 4.3%.

The municipal bond market ended May with something more valuable than a headline return: proof that demand is durable.

Investors are buying munis into the spike. Here’s what’s driving it.The SignalSomething unusual is happening in the municipal bond market.Yields have climbed sharply since the Iran conflict began — and yet investors keep buying. Muni funds have attracted more than $38...

Tuesday morning, 10-year Treasury yields fell 10 basis points to 4.57% in a single session. Thirty-year yields dropped to 5.11%.

April CPI came in at 3.8% year-over-year — the fastest pace since 2023 — and the bond market noticed. Long-dated Treasury yields are pushing toward 5%, the Fed’s internal consensus is fracturing, and the rate-cut timeline the market was pricing just weeks ago has been quietly shelved.