The municipal bond market has slipped into a disquieting equilibrium in which investors don’t really want to buy munis and municipalities don’t really want to sell them.

Don’t be fooled by the tranquility showing up in the Municipal Market Data numbers the past few weeks, with yields down 15 basis points on the year and 30-day annualized volatility on the 30-year below 10% for the first time since November.

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