Markets

Excerpts from "Investing in the High-Yield Municipal Market," by Triet Nguyen:

Credit matters. That is the crux of the newly-released book, "Investing in the High-Yield Municipal Market," written by Triet Nguyen, a 30-year veteran of the fixed-income market who used his years of experience in research and trading within the complex segment of the industry as a springboard for the 254-page publication.

A new 3.8% tax on investment income that's part of the federal health care overhaul will boost demand for tax-free municipal bonds starting next year, say some market experts.

Largely stable rates highlighted a subdued municipal market this week.

Analysts are warning that weak investment returns for pension funds are likely to pressure state and local government budgets.

Tax-exempt money market funds lost $2.03 billion -- nearly half of the unusually high bounty they amassed last week – as total net assets dipped to $272.67 billion in the week ended July 16, according to The Money Fund Report, a service of iMoneyNet.com.

The Pittsburgh firm will manage the Massachusetts Municipal Depository Trust bond portfolio, ending Boston-based Fidelity's 35-year run.

Municipal bond mutual funds continue to see strong and growing demand from investors. Even though, the week was marked by modest moves in prices throughout most of the yield curve, money poured into bond funds for the week ended July 18.

Budget balances for states remain too low relative to annual expenditures, according to the National Governors Association and National Association of Budget Officers.