Wall Street Holdings Leanest Since ’04 at ’65 Rates: Muni Credit
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Wall Street securities firms may have unloaded their municipal-debt holdings at exactly the right time.
With yields approaching the lowest since the 1960s, brokers and dealers cut their inventory of U.S. local bonds to $29 billion in the three months through September, the least since the first quarter of 2004, according to Federal Reserve data released Dec. 6.