Municipals have caught the attention of analysts as they outperformed Treasuries and posted their best start to a year since 2009.

A slew of research reports in the last month have touted the opportunities in the tax-exempt asset class, especially in the past week, as interest rates rallied and municipal prices firmed. Analysts credited everything from the return of mutual fund inflows and low volume to U.S. economic concerns and volatility overseas.

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