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U.S. municipal bond market grows slightly in second quarter: Fed
September 18, 2014 / 4:12 PM / 3 years ago

U.S. municipal bond market grows slightly in second quarter: Fed

NEW YORK (Reuters) - The amount of outstanding U.S. municipal bonds grew slightly in the second quarter to $3.6614 trillion from $3.6608 trillion in the first quarter of 2014, Federal Reserve data released on Thursday showed.

Households, the backbone of the market, held $1.602 trillion of bonds in the second quarter, compared to $1.609 trillion the quarter before and $1.665 trillion in the second quarter of 2013.

The Federal Reserve does not seasonally adjust the levels of outstanding debt, but does seasonally adjust the flow of the funds data. That data shows households shed $39.6 billion bonds in the second quarter. Banks acquired $17.5 billion and mutual funds bought $46.5 billion in the quarter.

Reporting by Megan Davies and Lisa Lambert; Editing by Chizu Nomiyama

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