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Munis were quiet on Monday, while U.S. Treasuries were firmer and equities ended higher.
Chris Brigati, managing director and CIO at SWBC, said he was “a little underwhelmed” with the market as volumes and flows were lighter than expected. He said buyers may be biding their time, waiting to see the week’s nearly $14 billion calendar. Brigati expects a weaker performance from the muni market this week.
“We do have the April 15 tax deadline coming up. This is typically a period of [the] year where we see a little bit of underperformance for municipals,” Brigati said. “So that date, along with the relatively robust calendar, I would expect a little bit of underperformance from the asset class in general.”