Municipal market technicals were already driving performance and so the strong quality bid has deepened the rally across the curve as the asset class really didn’t need to grab the U.S. Treasuries coattails all that tightly.
Municipal bond yields were unchanged at record low levels, according to late reads.
As COVID-19 fears run rampant, investors continued to sell off equities, resulting in muni yields again following Treasury yields down to all-time lows.