“An analysis would start with the current macro status and the market tone of equities and the fixed income markets.  The current operations of the Fed must also be considered in this context.  Next up would be views of the Treasury market and where supply and demand characteristics are critical.  We would then assess the demand along the curve and what are the different elements behind the demand along the curve. Municipal ratios to the equivalent Treasury maturities would also be an important factor.  Whether mutual funds, ETFs, and individuals are active versus institutional accounts would also be a key consideration headed. factor. How issuers are viewing the market must also be considered.”

John Hallacy