Municipal bonds are on track to post their worst annual performance in nearly two decades as 2013 ushered in more financial woes for U.S. cities. Municipal debt is down 2.58% so far this year after handing investors a 6.78% return in 2012 and a 10.70% return in 2011, according to Barclays's municipal-bond index. "We've had these high-profile credit problems that have caught the attention of investors," said Jim Grabovac, senior portfolio manager at McDonnell Investment Management, which oversees about $8 billion in municipal debt. Bond markets have sold off broadly this year as investors braced for the Federal Reserve to start dialing back easy-money policies that had supported credit markets since the financial crisis.
via Business News - Yahoo Finance http://finance.yahoo.com/news/municipal-bonds-wrap-tough-220400411.html
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