Reduced new-issue supply and anticipation of a huge influx of cash into the municipal market helped pushed the yield on one Bond Buyer index to an all-time low and sent three others to their lowest levels since March.

The average yield to maturity of the 40 bonds used to calculate the daily Municipal Bond Index dropped five basis points, to 5.77% from 5.82% last Thursday. The 5.77% was the lowest yield to maturity since The bond Buyer began calculating the 40-bond index in January 1985.

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