Projections for market metrics in the new year are far from unanimous, as uncertainties over interest rates, investor demand, and bond insurers have the municipal bond market on its toes.

While one expert projected a 15% to 20% decline in new-issue volume in 2008, others said they expect the flow of new bonds to hold steady at the 2007 level or even set a new record. The divergence started with differing views on whether we’re headed for an economic slowdown or even a recession.

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