Municipal securities remain cheap relative to U.S. Treasury debt even with investors directing the most cash since 2009 to tax-exempt bonds in the $3.7 trillion market.
Yields on tax-exempt debt due in 10 years were 100 percent of those on U.S. bonds with a similar maturity Thursday, the lowest since May 15, yet still exceed the 93.14 percent average for the past decade, data compiled by Bloomberg show. The ratio reached a three-year high of 126.4 percent on June 1.
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