Bond Yields as a Sentiment Gauge

Here’s a weekly chart going back to the 2000 lows in the municipal bond market. We’re looking at Vanguard’s Intermediate-Term Tax-Exempt Fund (VWITX). According to the Vanguard site, the fund is currently yielding 3.67% on bonds with an average maturity of 7.1 years. About 87% of the holdings are rated AAA or AA. When we compare the tax-free yield of 3.67% with the yields offered on taxable certificates of deposit, the muni rate is quite attractive. Nationally, we’re seeing average 5 year CD rates of 3.29%, a…
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  22 March, 2008| Technical Analisis | @ 14:32

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