Secondary bond market

The Mortgage Industry Standards Maintenance Organization is nearing completion on the first of a three-phase Veterans Affairs loan guarantee modernization effort.

Municipal AAA yield curves were cut up to another 42 basis points, depending on the curve, as of noon, pushing yields to multi-year highs and long-end muni to UST ratios above 100%. Muni yields have risen up to nearly 100 basis points in spots since the bond market rout began.