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Spreads have been widening, but secondary trading was on the light side and triple-A benchmarks were cut by only a basis point in spots even as U.S. Treasury yields once again rose on the 10- and 30-year.

U.S. Treasuries sold off by double digits while municipals cut levels by one to three basis points. Refinitiv Lipper reported another $1.55 billion of inflows for the 29th consecutive week.

Large new issues from California, New York utilities and airport deals were repriced to lower yields and remained the focus for the municipal market, again ignoring a swing by U.S. Treasuries.

As the market prepares for a smaller primary calendar in the holiday-shortened week, fund flows again are worth exploring as a strong demand component for 2021.

U.S. Treasuries gave little direction Monday, holding ratios and yields steady, leading most participants to argue both are satisfactory to ride out the summer.

Municipals outperformed U.S. Treasuries for a third sessions moving the 10-year municipal to UST ratio below 60%.

A volatile U.S. Treasury market and month-end positioning are pressuring municipal yield curves.

Triple-A municipal benchmark yield curves were bumped one to two basis points, lagging a four basis point rally in U.S. Treasuries after weaker consumer sentiment and dovish comments from Fed officials moved equities lower.

Refinitiv Lipper reported another week of inflows at $1.64 billion, with $630 million headed into to high-yield. Benchmark yields rose as much as four basis points following weaker U.S. Treasuries, resistance to ultra-low yields.