Fed Agrees With Citigroup on $3.7 Trillion Muni-Market Estimate
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The U.S. municipal-bond market is 28 percent larger than reported in June, according to a quarterly Federal Reserve release, which used new data showing individuals own more state and local-government debt.
The face value of outstanding municipal bonds was $3.7 trillion at the end of September, based on figures from Mergent Inc., a private data vendor, compared with the previous figure of $2.9 trillion at the end of June, the Fed said.