Munis are coming without a supply wave and the ratio to Treasuries is steady. There is no tax trade today. The sheet only shows the tape.
Without a new supply wave, a tighter ratio is not an event. It is the absence of one. The desk does not automatically buy maturity because of it.
Tax treatment sits with the client. This note is not tax advice.
What the desk is watching
- No supply wave
- Ratio to Treasuries steady
- No tax trade today