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So far this year, municipal bond ("muni") funds have seen inflows of approximately $15 billion. This is the best start to a year in more than a decade, with evidence that demand is being stimulated by investors in higher tax rate states seeking a degree of relief from the pain forced upon them by President Donald Trump's new limit of $10,000 on the Federal deductibility of state and local taxes ((SALT)), which includes property taxes.
These record inflows have, on the basis of historic averages, driven tax-exempt municipal bonds, with maturities from two years out