"......the real fear for the municipal bond market will arise when the primary pool of muni-bond holders (high-net-worth individuals) begin to see the previously rising values of their bond accounts begin to drop quickly. Due to falling interest rates, most of these investors have only experienced ever-growing bond prices--and thereby reasonable total rates of return after tax--their entire investing lives. Very few have ever lived through a meaningful rising interest-rate environment. When these generally conservative investors begin to see sharp drops of 10 percent or more in their "safe" accounts over short periods of time, history tells us they are likely to panic, and sell fast."
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