This extends muni bonds’ multi-month-long streak in net inflows—already one of the longest in U.S. history—proving that in a world of low government bond yields and macroeconomic uncertainty, munis continue to be sought as a “safe haven” for their relatively low volatility, modest gains and, of course, tax-free income.


Even yield-starved foreign investors, who aren’t eligible to take advantage of the tax benefits, are seeking shelter in American munis. As I’ve mentioned before, about $10 trillion worth of global government debt now carries historically low or negative yields.

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