The Bond Buyer's municipal bond indexes posted moderately lower yields this week, ending a five-week string of rate increases, as fixed-income players decided that the Federal Reserve is not poised to tighten its monetary policy immediately. The 30-year revenue bond index declined nine basis points, to 6.73% yesterday from 6.82% a week ago. Last week it had been at its highest level since April 30, 1992.
The 20-bond and 11 bond indexes of general obligation yields each fell six basis points. The 20-bond index declined to 6.44% from 6.50%, and the 11-bond index dropped to 6.35% from 6.41% last Thursday. week's levels had been the highest for the two indexes since Nov. 5, 1992, when the 20-bond index was 6.51% 11-bond index was 6.42%.