Muni Bonds Are Back In Fashion

Finally, yields on municipal bonds have meaning. Considering all the interest rate hikes, it took time for munis to catch fire. The heat feels good.

Just as the Treasury market has an inverted yield curve, so do munis. Municipal bond yields as a percentage of similarly maturing Treasurys are rich. Currently, there are no bargains to be had. But wait until September when the new issue market takes off.