Munis Outperform a UST Selloff; Yields at Multi-Year Highs.

Munis lagged, as they are wont to do in times of severe volatility, with triple-A municipal yields cut three to four basis points, while USTs were cut up to 17 in the seven-year and double-digit moves to higher yields were across the taxable curve. Municipals greatly outperformed a large selloff in U.S. Treasuries Tuesday with yields rising to multi-year highs in the global safety benchmark curve following Federal Reserve officials' hawkish remarks about shrinking its balance sheet and a likely 50 basis point interest rate increase as soon as May. [Extracted from the article]