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Munis slow to react to Fed decision, UST sell off out long
['Northeast Reporter', 'Christina Baker Covers The Northeast For The Bond Buyer. Before That', "She Was An Intern At The Bond Buyer Via The Dow Jones News Fund. She'S Covered...", 'Staff Writer', "Senior Reporter For The Bond Buyer'S West Coast Region."]
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Munis were slow to react Wednesday, as the Federal Open Market Committee left rates unchanged.
UST yields were firmer up to the two-year mark, and up to 11 basis points weaker after five years.
"I was surprised to see pretty good activity before the Fed meeting," Olsan said.
Exchange-traded funds saw inflows of $378 million after $935 million of inflows the week prior, per ICI data.
"We have no way of knowing how many of the nine voting to keep rates unchanged were of two minds."