Whipsawing financial markets have been confusing investors for the better part of the past two weeks. That’s left municipal securities in a tough spot, and helps to explain why Friday’s trading session was mostly a subdued one.

For starters, an unsettled U.S. and global economic picture has shaken up the equities markets. A roiling stock market, in turn, has led to some large rallies in Treasuries, leaving them expensive.

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