Increased volume and market volatility combined to provide a torturous first quarter for insured bonds and investment portfolios, While many dealers, strategists, and money managers don't see the turmoil ending any time soon, recent tightening moves by the Federal Reserve may change that.

"What the Fed did will go a long way toward helping the prospects for the market," said Jim Colby, vice president and senior portfolio manager for The Evergreen Funds' $39 million insured tax-exempt fund.

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