The Bond Buyer's municipal bond indexes posted slightly lower yields this week, as a promising rally was wiped out in the turmoil generated by the investment losses of Orange County, Calif.

The 20-bond index of general obligation yields dropped two basis points, to 6.88% from 6.90% last Thursday, while the 11-bond GO index fell one basis point, to 6.78% from 6.79% a week ago.

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