Excerpt from...

The Bond Buyer - Supply/demand imbalance hangs over market

By Christine Albano, Gary Siegel, Lynne Funk September 03, 2021

Image
John R. Mousseau - In the News

 

The municipal market was little changed on Friday as a disappointing August jobs number punctuated an otherwise lackluster day of light trading activity ahead of the Labor Day holiday.

Trading fell to a trickle at about $2.1 billion near the close and triple-A benchmarks were unmoved, outperforming a cheaper U.S. Treasury market which saw the 10- and 30-year yield rise four and five basis points, respectively, while equities were mixed.

“The market remains well bid before the holiday,” John Mousseau, president and director of fixed income at Cumberland Advisors said Friday. “Treasuries are off even with a jobs number below expectations as June and July were revised up and unemployment dropped 0.2%.”

Non-farm payrolls rose 235,000 in August after an upwardly revised 1.053 million in July, first reported as 943,000.

Economists polled by IFR Markets expected 728,000 jobs to be added in the month.


Read the full article (with subscription) at the Bond Buyer website: https://www.bondbuyer.com/news/light-activity-ahead-of-holiday

John R. Mousseau, CFA
Published Date
News Source
The Bond Buyer