There’s nothing quite like big drama in a relatively small market.
The latest public spat isn’t about manipulation on a global scale, like foreign exchange or the London Interbank Offered Rate. Nor is it about trading stocks on inside information. It centers on the U.S. municipal-bond market, specifically a dispute between investors involved in the small corner devoted to high-yield state and local government debt. Bloomberg News’s Martin Z. Braun has the details: