Inflation data humbled the markets yesterday, and municipals gave back Tuesday's gains of 1/4 to 3/8 point, forcing underwriters to adjust new-issue yields by about five basis pints.

The producer price index for finished goods jumped 0.7% in October, its largest monthly advance in a year and far higher than the 0.1% the markets had expected. Treasury prices plummeted as much as 1 3/8 point in shock, but tax-exempts lagged once again.

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.