NMCO - What's Next For Municipal Bonds After A Strong First Half Of The Year?

• During the first half of the year, municipal bonds (munis) shrugged off the rise in long-term U.S. interest rates and crushed their taxable counterparts.
• Looking at fundamental credit strength, state tax receipts are much better than were estimated a year ago.
• Municipal bonds are one of the asset classes that will probably be most affected by the ongoing infrastructure negotiations, both directly and indirectly.

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