Municipals defied signs of economic vigor yesterday as cash climbed 3/4 point and futures bounded up more than 1 1/4 points.

"It's a grab-a-thon, everybody wants bonds," one municipal trader said. "It's amazing how quickly we forget how badly we got burned."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.