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Municipal Market Expands First Time in Five Quarters, Fed Says

The U.S. municipal-bond market expanded last quarter, halting a 12-month stretch in which it shrank as state and cities hesitated to run up new debt for public-works projects.

The market for state and city securities grew by $600 million to $3.66 trillion as of June 30, marking the first increase since January-March 2013, according to quarterly data released today by the Federal Reserve.