Muni Fortnightly - July 30, 2018

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

Summary

Treasury yields for the week moved with a surge on Monday and stayed range-bound throughout the remainder of the week.

Muni yields rose but lagged slightly resulting in a richer state.

States ratings: Illinois to ‘Stable’ by Moody’s, California outlook raised to ‘Positive’ by Moody’s and Michigan upgraded to AA by S&P.