"And where they have the market by the throat, they can do this kind of monopolistic practice to raise yields."
Nonetheless, the heavy supply has recently raised yields in the short end of the municipal spectrum.
"That should force dealers to try backing the market up even further on Tuesday morning," raising yields again.
Some large banks nationwide also slightly raised yields on six-month certificates.
New York's water agency had to raise yields on the $580 million in revenue to help attract buyers.
Treasury bond prices continued to slide, raising yields to their highest level since early June.
Dealers often raise yields in advance of an auction to make them more attractive to investors.
Another way to raise yields is to own lower-rated issues.
These investments were intended to raise yields, but did not work as planned when interest rates began rising.
Selection and further reproduction of the higher yielding strains over many generations can raise yields by 20-fold or more.