Municipal bond funds reported an almost $1.2 billion outflow in the latest week, the largest cash withdrawal so far this year.
The weekly reporting funds saw $1.199 billion of outflows in the week ended July 1, the ninth straight week of cash withdrawals, after experiencing outflows of $105.755 million in the previous week, according to the latest Lipper data.
This brought to 12 out of 27 weeks this year the funds have suffered cash withdrawals.
The four-week moving average remained negative at $534.292 million after being in the red at $329.772 million in the previous week. The moving average has been negative for three weeks in a row. A moving average is an analytical tool used to smooth out price changes by filtering out fluctuations.
Long-term muni bond funds also experienced outflows, losing $898.989 million in the latest week, after seeing outflows of $24.416 million in the previous week.
Intermediate-term funds recorded outflows of $32.082 million after seeing outflows of $29.451 million in the prior week.
High-yield muni funds saw an outflow of $492.213 million in the latest reporting week, after seeing an inflow of $48.394 million the previous week.
However, exchange traded funds saw inflows of $4.966 million, after experiencing inflows of $41.989 million in the previous week.
