Municipal bond investors are in a good position to wait out the Federal Reserve, after policy makers left the target interest rate unchanged and signaled increases will be gradual, strategists said.

Investors have variety of strategies at their disposal — from favoring high quality, intermediate bonds to staying fully invested and buffering potential rate risk with premium coupons — to take advantage of buying opportunities while they monitor the potential for a rate hike that now may come later than previously expected.

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