Time To Sift Through The Muni Wreckage?Kelley Holland
It was bad enough being a municipal-bond investor during the first 11 months of 1994. With the Federal Reserve pushing up interest rates six separate times, munis were hammered: The Bond Buyer muni index dropped from 104.1 on Jan. 1 to 82.9 on Nov. 30. But on Dec. 1, when Orange County, Calif., disclosed that it had lost $1.5 billion in its investment fund, the earlier part of the year started looking like a walk in the park.
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