Muni yields widened by another eight to 10 basis points Friday, weakening for the fifth consecutive session as 30-year yields reached a two-year high.

“It’s selling based on fear and emotion, and those are hard things to refute with facts,” said Duane McAllister, who manages a $450 million intermediate tax-exempt fund for M&I’s Marshall Funds. “Only when you see yields rise to levels that are deemed too cheap will people say, 'Enough is enough.’ Unfortunately, it doesn’t feel like we’re there.”

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