FYI: The world’s largest money manager says one of the most meaningful measures in the municipal-bond market is starting to mean a lot less.
That’s because a steady influx of cash earlier this year pushed some state and local government debt yields to record lows relative to U.S. Treasuries. In normal times, the decline of that ratio -- which is closely watched by professional investors -- would signal that the securities had become significantly overpriced.
Regards,
Ted
https://www.fa-mag.com/news/blackrock-says-the-key-gauge-of-muni-bond-prices-may-be-broken-51477.html?print
