Municipals rallied Wednesday, ignoring a selloff in U.S. Treasuries, after the Federal Open Market Committee meeting minutes reiterated the Fed’s position it would raise rates 50 to 75 basis points at its July meeting to stave off inflation. Equities ended slightly up.. Municipals were in their own lane Wednesday and triple-A yields fell four to
Bonds
Revenue from Oklahoma’s oil and gas production taxes reached a record high in fiscal 2022, topping $1.5 billion, the state treasurer reported on Wednesday. As prices for the commodities spiked, the taxes generated $1.53 billion, up nearly 103% in the fiscal year that ended June 30 compared to fiscal 2021. “Inflationary forces are a significant
Municipal yields fell for the third session in a row following the flight-to-safety bid in U.S. Treasuries as recession concerns continue to grow. Equities were mixed. Triple-A benchmark yields were bumped three to six basis points Tuesday with the strongest moves out long. Falling yields over the past two weeks have been “a welcome sigh
Signs of a rapidly deteriorating U.S. economic outlook have spurred bond traders to pencil in a complete policy turnaround by the Federal Reserve in the coming year, with interest-rate cuts in the middle of 2023. Fed Chair Jerome Powell — who is widely expected to keep lifting the central bank’s benchmark rate for some time