A turbulent week for the municipal market came to a quiet end Friday. And all things considered, munis fared pretty well by largely holding on to their gains — even if they underperformed Treasuries on the day and for the week.

The week was a hectic one for the muni market. It had to contend with slight new issuance, already-low yields, heavy outflows from muni bond funds, roiling equities markets, negative economic indicators, a revealing and market-moving statement from the Federal Reserve, and a struggling and vacationing Europe. But it emerged firmer with yields lower by at least five basis points across the curve.

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