BERLIN — The U.S. municipal bond market has been fairly stable, despite recent dire predictions that municipalities could default in droves, Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, said Tuesday.

In a Q&A session following prepared remarks at a conference in the German capital, Lockhart said, "It is my impression that the municipal bond market has been relatively stable. It's had a few defaults but not an extraordinary number, not much outside the normal course of business in the municipal arena."

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