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Investor demand for municipal bonds has been robust in 2019, despite low absolute yields. Net new cash flows into municipal bond funds totaled $62 billion as of Aug. 21, representing 33 consecutive weeks of inflows and the best start to a year since record-taking began in 1992.1
Municipal fund flows January through July
Source: Strategic Insight Simfund/MF Desktop, data from Jan. 1, 1993, to July 31, 2019.
The bulk of increased demand has come on the heels of the Tax Cuts and Jobs Act ((TCJA)) of 2017. Under the new law,