Munis Rally As States Slash Spending

摘要

Florida is firing 1,300 workers. New York is cutting education funding and freezing public employee wages for three years. Arizona is slashing Medi-caid coverage. And municipal bondholders are having their best year since President George H.W. Bush was in the White House. Says Mark Stockwell, director of municipal research at PNC Capital Advisors, which has $7 billion in municipal assets under management: "The governors and legislatures are making the tough decisions."