After several weeks of continuously rising yields, the municipal market rebounded in a dramatic way this week, as nearly all The Bond Buyer's weekly yield indexes showed sizeable declines.

Yields plunged Tuesday and never looked back after the Federal Open Market Committee slashed the federal funds rate target at least 75 basis points, to a range of zero to 0.25% from its previous 1.00%, and indicated in its statement that it will keep rates low for an extended period of time.

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