Market Review and Outlook: 2nd Quarter 2014
For fixed income investors, the second quarter of 2014 continued the strong, positive performance of the first quarter. Longer dated bonds again outperformed shorter ones, but returns were impressive across the yield curve. Municipal bonds outperformed comparable maturity US Treasuries during the quarter and the sector’s relative strength had two main pillars of support. On the demand side, flows into mutual funds remained strongly positive throughout the quarter. On the supply side, new issuance remained limited and new deals were readily swept up and oversubscribed.
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