“Although not coming out with a full warning about the municipal bond market, some New York Fed economists come pretty close to warning just that. It’s probably as far as these economists could go without getting fired.  What’s most intriguing is that these economists show the graph which displays that 75% of municipal bonds are held either directly or through muni bond funds by individuals. Could they be suggesting that if muni defaults pick up there could be a run out of the muni bond market?”

http://www.economicpolicyjournal.com/2012/08/federal-reserve-economists-warn-about.html

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