Muni Fund Investors Squeezed as Flattening Curve Reduces PayoutsBy
UBS can’t recall time in “recent memory” with so many cuts
Higher borrowing costs, lower reinvestment rates hurt payout
Investors who’ve come to depend on steady income checks from leveraged municipal-bond funds are starting to feel the pinch from the narrowing in the difference between short- and long-term borrowing rates.
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