The tax-exempt market sold off, following Treasuries, in reaction to Federal Reserve Chairman Ben Bernanke’s comments following the Federal Open Market Committee meeting that suggested the Fed may start tapering its $85 billion-a-month bond purchasing program by the end of the year.

In a press conference Wednesday afternoon, Bernanke said the committee could start tapering by the end of 2013 and finish by mid-2014. Stock markets and Treasuries sold off, and munis followed.

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