Amid concerns among market participants of a “great rotation” out of fixed income into equities, such a rotation is unlikely to occur out of municipal bonds, according to strategists at Barclays.

The idea of a great rotation arose last year, as record-low interest rates persisted and the Federal Reserve pledged to keep interest rates low until at least the end of 2014 or early 2015. Market participants worry that this could prompt investors to rotate out of bonds and into stocks, pushing bond yields higher.

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