Investors have added money to municipal-bond mutual funds for 29 straight weeks dating back to October, the longest streak since March 2010, Lipper US Fund Flows data show. The inflows persist even though state and local debt has trailed other fixed-income assets: munis have gained 2.3 percent this year, compared with 2.9 percent for Treasuries and 4.7 percent for investment-grade corporate debt, Bank of America Merrill Lynch data show. If history is any guide, the inflows will only get stronger in the coming weeks, as tax-free interest lures individuals who had to file their taxes by the mid-April deadline.
Bloomberg Business
by Brian Chappatta
April 22, 2016 — 6:36 AM PDT