Morning Note | September 26, 2023 | Interest Rates Jump Causing More Bond Pain

Summary

• Major indices down over half a percent, adding to losses for the month.

• Breakout of interest rates and government shutdown prospects likely driving market weakness.

• Muni bonds and muni CEFs experiencing re-pricing due to jump in rates, PIMCO funds in discount land.

• Check out the drop in muni CEFs yesterday.  Prices now falling off a cliff.

• PIMCO repo…