Market Commentary for week of 9/4/23

Howard Mackey, Managing Director

Last week, the tax-exempt municipal bond market declined, with selling in the nine to thirty-year range. Yields were unchanged from 2024 through 2030 and rose two basis points in 2031. From 2032 through 2053, rates rose by 4 to 7 basis points.

The U.S. Treasury market weakened as oil prices jumped due to Saudi Arabia unilaterally cutting production. Such action, coupled with a rising dollar, adds pressure to global inflation concerns.