CHARLESTON, S.C. — Market experts on Thursday painted a bleak picture of the municipal securities market over the next few years, saying the high bond volume of the past six years is gone and unlikely to return.

At a three-day conference of the National Federation of Municipal Analysts, market experts stressed that even with recent signs of a muni market rally, significant pressures remain on state and local governments. They range from federal spending cuts and possible legislative restrictions on tax-exempt bonds to hostility among some congressional Republicans, who view bond projects as wasteful government spending.

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