Market Update: Municipal bond yields decreased during the first quarter with AAA 5- year, 10-year, and 20-year yields falling 15, 18, and 8 basis points, respectively. In March, the Federal Reserve announced that their pace of interest rate increases was likely to be slower than initially expected. It anticipates two rate increases this year, down from the initial four predicted. Slower growth abroad and market volatility were reasons for the reduction in rate rising estimates.