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Municipal Market Data

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Municipal News

  1. BULLET: BOJ: It may be wishful thinking or an effort to......
    BY Market News Intl Fixed Income Bullets 03:09 AM EDT

    BOJ: It may be wishful thinking or an effort to buoy sentiment, but some Bank of Japan officials are projecting a slump in the second quarter will be limited because strong consumer spending before the April sales tax hike was also due to improving wages and jobs prospects.

  2. Investor Net Profit Falls, Geopolitical Situation May Hit Global Economy
    BY DJ Business News 03:01 AM EDT

    STOCKHOLM--Swedish investment company Investor AB Wednesday posted a 25% drop in first quarter net profit, adding that net asset value per share was up 6% since the end of 2013, at SEK299. -Dividend income was SEK3.39 billion, from SEK2.33 billion last year. -Net profit was SEK12.14 billion, from SEK16.2 billion last year.

  3. BULLET: US TSY FLOWS: US Treasuries are trading moderately...
    BY Market News Intl Fixed Income Bullets 02:52 AM EDT

    US TSY FLOWS: US Treasuries are trading moderately firmer in early London session with long-end flattening continuing to dominate. Prices are below best levels seen overnight following weaker than expected Aussie CPI data which saw a bid in FVs and TYs. Traders reported decent Japanese real money buying in the 5-/7-year area along with strong buying Asian real money bid in 5-year Note. Focus is on the $35bln 5-year Note auction after the sloppy 3-year Note sale yesterday. Support is seen at 1.75% in 5s and 2.75% in 10s.

  4. Chinese factory data show mild rebound
    BY MarketWatch 02:46 AM EDT

    LOS ANGELES-- Offering investors their first peek at the state of Chinese manufacturing this month, HSBC reported Wednesday that the preliminary version of its Purchasing Managers' Index rose modestly to 48.3 from last month's 48.0. While the result remained below the 50 level that divides expansion from contraction, the gain halted a string of declines for the data set since last October. And yet the market reaction was broadly negative, likely because of some of the report's...

  5. BULLET: AUSSIE BONDS: A high volume day with the market......
    BY Market News Intl Fixed Income Bullets 02:36 AM EDT

    AUSSIE BONDS: A high volume day with the market initially setting up slightly short ahead of the Q1 CPI, and seeing high volume on the topside as the market digested the lower than expected figures. With inflation now seemingly in the middle of the 2-3% RBA band, and becoming increasingly unlikely now on the trend estimates to hit the 3% level that the RBA had expected in Q2, most commentators have the RBA on hold for the rest of the year (with some such as the AFR's David Bassanese actually saying there may be a room for a return to an easing bias sometime this year if the AUD remains high and business confidence slides). 3yrs went from 96.95/96 to 97.05 immediately after the release, the 10yr from 95.970/975 to 96.025, with another wave higher into the afternoon after the AFR article taking out more stops to almost touch the post-roll high for the June 10yr (today's highs 97.07 3yr, 96.060 10yr). Also helping the rally was a mediocre reading for the Chinese HSBC Manuf. PMI for April, which remains sub-50. In bills, the back months have started to see stops from a large short that had developed in the last week or so, and that is expected to keep them bid into the long weekend. IBs also saw a solid buyer in August in the afternoon.

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Fidelity Viewpoints® and Analysis

With a new chair, the Fed looks prepared to continue its push to keep rates low.

Bonds are showing signs of strength after a challenging 2013, but expect volatility.

Shorter duration bonds may provide limited price volatility and varying levels of income.

Third Party Resources

EMMA - Electronic Municipal Market Access, a service of the MSRB
EMMA has been enhanced to make it easier to find important information about municipal securities.
FINRA
Learn about investing from the largest independent securities regulator.
InvestingInBonds.com
Get current data and commentary as well as in-depth education about the bond market.

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss

The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest income generated by municipal bonds is generally expected to be exempt from federal income taxes and, if the bonds are held by an investor resident in the state of issuance, state and local income taxes. Such interest income may be subject to federal and/or state alternative minimum taxes. Investing in municipal bonds for the purpose of generating tax-exempt income may not be appropriate for investors in all tax brackets. Generally, tax-exempt municipal securities are not appropriate holdings for tax advantaged accounts such as IRAs and 401(k)s.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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