U.S. Municipal Bond Credit Report, 2012 Q2


The continued strain in the global markets, slower than expected U.S. growth in the first half of 2012, and continuing political stalemate in the U.S. and Europe resulted in another uneasy quarter, closing with the Federal Reserve's extension of "Operation Twist," Moody's downgrade of several global banks, and the rise of local government credit troubles in California and elsewhere. Despite a jump in issuance, municipal supply continues to remain overall negative on net as refundings have continued to drive volumes. The attractiveness of municipals relative to other asset classes despite low yields helped contribute to another positive quarter in municipal bond returns. Download the full U.S. Municipal Bond Credit Report, 2012 Q2.

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