Ratios of municipal to Treasury bond yields over the past three months have shown a degree of volatility that has complicated a standard valuation of tax-exempt debt for investors.

After rocketing higher for much of the last two months of 2011 — the 10-year muni yield peaked at 118% of the equivalent Treasury on Nov. 23 —  ratios have fallen back in the new year as muni bonds have outperformed Treasuries.

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