Municipal bonds have never been renowned for their liquidity, even in normal market environments. But these liquidity challenges also help provide opportunities, especially during periods of heightened volatility.
Ranked among the highest state tax rates in the nation, it is not surprising that many residents of New York and California demand in-state bonds. The key question is whether the benefit of saving some state tax outweighs the better risk-adjusted return potential of a broader national opportunity set?
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