Benchmark tax-exempt yields have moved in a very narrow range since early September. The graph below shows that 10-year tax-exempt yields have been virtually unchanged since September 6, trading within a very narrow 2 basis point range during this time. To see current and historical yields in the tax-exempt and Treasury markets, visit EMMA https://lnkd.in/gqYjtcfD.
Municipal Securities Rulemaking Board
Financial Services
Washington, DC 14,979 followers
We give America the confidence to invest in its communities.
About us
The Municipal Securities Rulemaking Board (MSRB) protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission.
- Website
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http://www.msrb.org
External link for Municipal Securities Rulemaking Board
- Industry
- Financial Services
- Company size
- 51-200 employees
- Headquarters
- Washington, DC
- Type
- Nonprofit
- Founded
- 1975
- Specialties
- Municipal Bonds, Municipal Market Regulation, Market Transparency, Research, Education, Regulation, Public Finance, Infrastructure, Financial Regulation, and Bonds
Locations
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Primary
1300 I Street NW
Suite 1000
Washington, DC 20005, US
Employees at Municipal Securities Rulemaking Board
Updates
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It’s College Saving Month. Did you know most states offer tax-advantaged 529 plans to help you save for college? MSRB provides an investor guide and additional resources to help you learn more. https://lnkd.in/eAHzK-88
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MSRB staff had the opportunity to hear from outgoing Chair Meredith Hathorn and incoming Chair Bo Daniels during a fireside chat hosted by CEO Mark Kim. Meredith shared valuable insights from her time as chair, while Bo outlined his vision and priorities as he takes on the role as Chair on Oct. 1. We extend sincere thanks to Meredith for her exceptional leadership and look forward to working with Bo as we serve our Congressional mandate and give America the confidence to invest in its communities.
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Last week, the Federal Reserve lowered short-term interest rates by 50 basis points — the first reduction since the start of the pandemic in March 2020. As shown below, tax-exempt yields were virtually unchanged on the week while Treasury yields were mixed, and the Muni/Treasury ratio has climbed for all maturities since the start of the year. This week the market is faced with a large new issue calendar, estimated at $14 - $15 billion including three deals of $1 billion or more. To see what new issues are expected to come to market, visit the New Issue Calendar section of EMMA - https://lnkd.in/dKpYX5H
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MSRB today received approval from the Securities and Exchange Commission for amendments to MSRB Rule G-14, shortening the time for municipal securities trades to be reported to MSRB. The amendments change the current 15-minute standard to as soon as practicable, but no later than one minute after the time of trade, subject to certain exceptions, including new exceptions for manual trades and firms with limited trading activity. Read the press release: https://lnkd.in/eN2F8zyw
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Read the MSRB’s fall edition the of Compliance Corner newsletter to learn more about recent amendments to MSRB Rule G-47 on time of trade disclosure and more: https://lnkd.in/eAcd6UXp
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Although tax-exempt benchmark yields were basically unchanged last week, Treasury yields continued to decline in anticipation of a rate cut by the Fed this week. Since mid May, we have seen the 10-year Muni/Treasury ratio rise to levels last seen in early November 2023. The Muni/Treasury ratio was at 58% at the beginning of the year and closed at 71% on Friday. To see current and historical tax-exempt and Treasury yields, visit the Yield Curve section of EMMA. https://lnkd.in/gqYjtcfD
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September is College Savings Month. Discover how 529 savings plans can help you save for college and other qualified education expenses. See MSRB's Investor's Guide to 529 Savings Plans. https://lnkd.in/eAHzK-88
Curious About 529 Plans and ABLE Programs? | MSRB
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Although tax-exempt yields were lower last week, they significantly underperformed Treasury bond yields for the week, as shown below. This week, the market will see a hefty new issue calendar estimated to be between $13 - $15 billion, including three deals of $1 billion or more. To see what new issues are expected to come to market, visit the new issue calendar on EMMA. https://lnkd.in/dKpYX5H
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New issue volume for August was almost $50 billion, the largest monthly issuance in 2024, a record for the month of August and up 27% from August 2023. Year-to-date issuance is up nearly 35% compared to 2023. Despite a shortened holiday week, nearly $8 billion is expected to be issued this week. To see upcoming new issues, check out the New Issue Calendar on EMMA. https://lnkd.in/dKpYX5H