Assets have begun steadily draining out of municipal bond funds as interest rates rise.
By Rich White|September 19, 2013 at 07:14 AM
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As interest rates rise, assets have begun steadily draining out of municipal bond funds. The best barometer of sinking demand, published by the Investment Company Institute (ICI) weekly, showed a net outflow of $34 billion from muni bond mutual funds from mid-April through mid-August. You can access it here:
In addition to about $540 billion held by long-term municipal bond mutual funds, muni closed-end funds (CEFs) hold more than $80 billion. Some of these CEFs soon may represent the best bargains in a down market – the equivalent of “municipal bonds on sale.”
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