“Flight to quality” just doesn’t capture the magnitude of the staggering rally seen in the municipal market this week. And the Treasury rally was even more colossal.

“I can’t remember the last time the Treasury market rallied like crazy and the muni market fully participated,” said George Friedlander, chief muni strategist at Citi. “Yes, we’ve lagged a bit, but participation has been pretty good … This is a really impressive rally.”

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