Recent Commentary
MMA Muni Outlook > December 2008
December Posted Gains From Deep Distress
The municipal market struggled early in December as the corrective trend from the aggressive November yields continued. The absence of an institutional demand component remained an important characteristic which restricted secondary liquidity and issuers' access to the debt markets. In addition, municipal high-yield and closed-end funds were forced to liquidate some of their portfolios, placing extreme pressure on yields. Municipal yields steadily rose and neared the levels attained in mid-October, which served as a catalyst for individual investors... (For continuation of report see link below.)
