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The S&P Municipal Bond Index finished 2021 with a gain of 1.77% as demand for muni bonds continued to outpace supply. We expect the positive momentum to continue into 2022, although it is likely to be a choppier environment and require more patience than in prior years. While periods of higher volatility in interest rates, investor flows and issuance are likely, modest supply should provide a supportive technical backdrop for munis throughout the year. We anticipate low-single digit returns for investment grade munis in 2022, with notable contributions from the high yield sector.
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