America’s municipal bondholders have never been paid so little for taking on so much risk.
To the analysts at UBS Global Wealth Management, the $3.9 trillion municipal-bond market is heading into the biggest financial storm anyone has ever seen.
The star fund manager is famous for the power he wields in the market — and for making bets that other investors shy away from.
By some measures, the municipal-bond market is full of screaming buys for anyone brave enough to wade in.
In an incredible reversal, investors pulled a record $12.2 billion out of municipal-bond mutual funds.