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Munis richen slightly out long, USTs firm

BY SourceMedia | MUNICIPAL | 04:03 PM EDT By Jessica Lerner

Munis were a touch firmer out long Monday, as U.S. Treasuries saw gains and equities ended up.

The muni market saw a better tone to start the week, a "breath of fresh air" after the two previous Mondays were "horrendous," said Jock Wright, an underwriter at Raymond James.

The positivity from the Treasury market has carried over into the muni market, with several deals accelerating pricing, he said.

If "we get another day of this, that will help the markets continue to trade in a better place," Wright said.

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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.

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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