On The Job
Bond yields rose marginally during July, but only in certain tenors: the very front end of the curve rose in response to the Fed’s 11th rate hike of the cycle, and five-year and longer tenors also rose by 2-15 basis points. Meanwhile, municipal bonds performed well as supply remains constrained and demand is strong. The net result was a very modest gain in the broad market — the total return for the Bloomberg U.S. Intermediate Aggregate Index was 0.15% — and a modest gain for the municipal sector — the total return for the Bloomberg Municipal Index was 0.40%.
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TC135394(0823)1