Capital Markets Newsletter – August 24, 2021

Equities were up Monday following positive economic indicators and news that the Pfizer COVID-19 vaccine had received full FDA approval. US Treasury yields remained on a predominately neutral path as the Fed prepares for its annual Jackson Hole economic symposium, set to take place virtually this Thursday and Friday. In Muni news, the tax-exempt market finished relatively quiet on Friday following the pricing of several sizable deals earlier in the week. Bond insurance remains hot with nearly $20 billion of total insured volume for the first half of the year. 2021 is currently on pace to have the most insured transactions by par amount since 2008 and the largest percentage share of insured
bonds since 2009.

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