The tide of cash washing out of municipal bond mutual funds continued to ebb last week as more and more of the “hot money” that flooded the industry the last two years seems to have escaped by now.

Municipal bond mutual funds that report their figures weekly posted a net outflow of $973.9 million during the week ended Feb. 16, according to Lipper FMI. Though heavy by historical standards, this was the most benign outflow since the first week of December.

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