(Harvest) High yield municipal bonds have experienced a period of strong performance over the last several years. Robust U.S. tax-adjusted performance relative to other asset classes, coupled with U.S. investors’ growing appreciation of federal tax-exempt income in a low-rate world, drove a steady stream of inflows that pushed high yield muni fund assets to record levels. At this juncture, however, lofty valuations are beginning to give some investors pause.
High Yield Munis: Too Late to Join the Party?
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