Muni-Bond Buyers Say Forget the Fed as Market Set for Top Gains

  • Tax-exempt debt is outperforming Treasuries, corporate bonds
  • Demand is projected to climb as supply stays tight in 2016

As municipal bonds head toward the strongest returns in the U.S. fixed-income markets this year, investors say the end of near-zero interest rates will do little to knock state and local-government debt off its stride.

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