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Wall Street’s Muni Slowdown Dials Back Hopes for a Blowout Year

  • Volume of new deals in September set to drop 30% from year ago
  • Rising rates, uncertainty have pared back government sales

Wall Street’s municipal-bond underwriters may not get as big a year as they once expected.

Even before this week’s selloff drove 10-year benchmark yields to the highest since March, the volume of new state and local government bond sales was slowing from last year’s record-setting pace.