Sorry, this just doesn’t look normal.
This is the iShares S&P Municipal Bond ETF.
Meanwhile, all eyes are on California’s big bond sales on Thursday.
The state will sell $2 billion of taxable Build America Bonds on Thursday, a deal expected to be purchased mostly by institutions. That will be followed by the sale of $1.75 billion of conventional tax-free bonds. . . .
Individual investors will be able to put in orders for the tax-free issues on Friday and Monday; the final yields will be set on Nov. 23. The state usually sells tax-free bonds in maturities ranging from one year to 30 years.
The surge in long-term bond yields in general over the last week is certain to boost what the state pays on its bonds compared with what the market was demanding earlier this fall.
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