Muni Fortnightly - June 18, 2018

|
Includes: AFB, BAF, BBF, BBK, BFK, BIL, BKN, BLE, BSD, BYM, CXH, DFVL, DFVS, DLBL-OLD, DLBS, DMB, DMF, DSM, DTF, DTUL, DTUS, DTYL, DTYS, EDV, EGF, EIM, EIV, EOT, EUFL, EUFN, EVN, EXD, FIBR, FLMB, FMB, FMN, GBIL, GOVT, GSY, HYDD, IEF, IEI, IIM, IQI, ITE, KSM, KTF, LEO, MEN, MFL, MFM, MFT, MHD, MMU, MNP, MQT, MQY, MUA, MUB, MUE, MUH, MUS, MVF, MVT, MYD, MYF, MYI, MZF, NAD, NEA, NEV, NIM, NMI, NUV, NUW, NVG, NXP, NXQ, NXR, NZF, OIA, PBND, PLW, PMF, PML, PMM, PMO, PMX, PRB, PST, PVI, PZA, RISE, RVNU, SCHO, SCHR, SHV, SHY, TAPR, TBF, TBT, TBX, TFI, TLH, TLT, TMF, TMV, TTT, TUZ, TYBS, TYD, TYNS, TYO, UBT, UST, VFL, VGIT, VGLT, VGM, VGSH, VKI, VKQ, VMO, VTEB, VUSTX, XMPT, ZROZ
by: Robert W. Baird & Co.
Summary

Treasury yield changes were mixed and the curve flattened (to the flattest since 2007) amidst economic data otherwise supportive of higher yields, a more hawkish Fed and a more dovish ECB.

Muni yields were mixed.

Illinois pension legislation short-term positive but plans remain challenged.

Muni ETF usage increases.