Nobody knows exactly what the long-term impact of the United States losing its AAA rating from Standard & Poor’s means for municipal bonds, but that didn’t stop the experts from speculating.

The muni team at Janney Capital Markets noted that tax-exempts performed well last week and continued to strengthen Monday, but with supply at just $3.2 billion last week and maybe $2.2 billion this week, the market hasn’t been tested.

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