Muni yields rose Thursday, following and outperforming a U.S. Treasury sell-off on the heels of strong-than-expected economic data. Equities ended down.
Thursday’s “economic data offers the latest evidence that the U.S. economy is weathering the fastest rate hikes in a generation without much damage to the major gear-works of the economy,” said Wells Fargo Securities senior economist Tim Quinlan and economist Shannon Seery.
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Depending on inflation levels and price changes, Phil Nelson, head of asset allocation at investment consulting firm NEPC could see one or two more hikes by the end of this year.
“Nothing has changed in terms of how the Fed balances the set of risks, and they want to see data confirmation,” he said.
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