The tax-exempt market climbed Monday, following Treasuries, as European economic worries forced the risk-off trade.

Yields on the intermediate and long end of the curve fell to new record lows, even after yields on the long end set new records almost every day last week. The risk-off trade, combined with a supply and demand imbalance in the tax-exempt market, has pushed munis into a 21 consecutive trading streak of closing steady or firmer.

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