After the Federal Reserve hiked interest rates for the first time since 2018 and said it would raise them six more times this year, U.S. Treasury yields continued to rise, while munis were relatively stable and equities rallied to close the session.
Municipal to UST ratios showed the five-year at 76%, 90% in 10-years and 97% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five at 78%, the 10 at 95% and the 30 at 99% at a 4 p.m. read.
Trading was mixed ahead of the Fed’s announcement but a few blocks traded post-FOMC. Howard County, Maryland 5s of 2030 at 1.96% and 5s of 2031 at 2.01%. Their original levels were 1.48% and 1.52%, respectively, when it priced the first week of March.
The Investment Company Institute on Wednesday reported $2.258 billion of outflows in the week ending March 9, down from $3.502 billion of outflows in the previous week.