Treasury yields were volatile on tax plan progress and the Friday-Flynn-Flattener. On the week, yields bear-flattened.
Munis had the worst month in a year as a rush to issuance before new tax policy may roll back benefits to issuers. The 10yr AAA GO Ratio stabilized after a brisk move higher.
Moody’s Q3 upgrades outnumbered downgrades but notional downgrades exceeded upgrades.