Ajay Thomas in The Bond Buyer

The weakness in USTs is likely "carryover from last week," said Ajay Thomas, head of public finance at FHN Financial, when "concerns about [artificial intelligence] research and development and corporate earnings started seeping into the market [and] really affected Treasuries."

Recently, munis have been following USTs for the most part, but Thomas expects munis to underperform USTs this week due to the large new-issue calendar.

There aren't many outside factors set up to sway the markets this week, Thomas said. The Federal Reserve is in a blackout period ahead of its October meeting, so investors shouldn't expect any new economic data

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