Updated Monday, October 20, 2014 as of 5:52 AM ET

The Fiscal Cliff, Higher Taxes, and Pricey Muni Bonds

On the supply side of the supply-demand equation, net new municipal bond issuance has been minimal, with the majority being municipalities refinancing at lower rates. With a lack of new bonds in the muni market, existing demand also contributed to bond prices rising and yields dropping to generational lows.

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