Cheap bonds are hard to find in a world dominated by negative short-term interest rates. Record-low yields on long-dated government bonds, corporate bonds priced to perfection and high volatility emerging market debt do not provide much potential return relative to risk. Municipal floating rate bonds are the proverbial diamond in the rough. The cheapening of the municipal floaters market is a gift from the Securities and Exchange Commission via the implementation of the structural reforms in the money market.
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