Coronavirus Municipal Market Update from PMA
Just two days after PMA circulated its March 23rd market update, describing a swift and historic increase in municipal bond interest rates, the municipal bond market index (the MMD) experienced a U-turn and began a downward descent in rates that saw back-to-back days of more than 0.60% decreases in each day. “Unprecedented,” a word used over and over to describe the various ways that COVID-19 has impacted our world, is just as relevant in the municipal bond market.
