Municipals bounded higher yesterday only to return some gains by afternoon when the Treasury market headed south.

Overall, municipals ended 3/8 to 1/2 points higher in moderate secondary activity. They had been up 1/2 to 3/4 points, and one municipal trader cited "pretty euphoric buying" earlier in the day.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.