Muni Fortnightly - August 5, 2019

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Includes: AFB, BAF, BBF, BBK, BFK, BIL, BKN, BLE, BSD, BYM, CXH, DFVL, DFVS, DLBS, DMB, DMF, DSM, DTF, DTUL, DTUS, DTYL, DTYS, EDV, EGF, EIM, EIV, EOT, EVN, EXD, FIBR, FLMB, FMB, FMN, GBIL, GOVT, GSY, HYDD, IEF, IEI, IIM, IQI, ITE, KSM, KTF, LEO, MAAX, MEN, MFL, MFM, MFT, MHD, MMU, MNP, MQT, MQY, MUA, MUB, MUE, MUH, MUS, MVF, MVT, MYD, MYF, MYI, NAD, NEA, NEV, NIM, NMI, NUV, NUW, NVG, NXP, NXQ, NXR, NZF, OIA, PBND, PLW, PMF, PML, PMM, PMO, PMX, 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 yields fell significantly on a) Fed rate cut, b) trade tariff extension on Chinese imports and c) Chinese currency and agricultural import restrictions counterpunch.

Muni yields slightly lower. Taking note of lowest ratio ever in 1-year space.

Muni fund see inflows – 30th consecutive week. Most inflows for even a full year since 2009.