The Bond Buyer's municipal bond indexes drifted upward this week to their highest levels in nearly two years, as market participants spent most of the week speculating about and reacting to the Federal Reserve's monetary policy.

The 20-bond index of general obligation yields rose six basis points, 60 6.43% from 6.37% last Thursday, while the 11-bond GO index increased five basis points, to 6.34% from 6.29% a week ago. That was the highest point either index had reached since Nov. 5, 1992, when the 20-bond index was 6.51% and the 11-bond index was 6.42%.

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