It was nonstop politics last week, and much of it boded well for the municipal bond market, one way or another.

Gov. Bill Clinton of Arkansas received the Democratic presidential nomination he had clinched weeks earlier, and his economic plan, with its emphasis on infrastructure and education, appeared certain to benefit munis over the next several years - if he wins in November. Democrat after Democrat last week called for rebuilding America by shifting money from military spending to domestic needs, a shift that would would mean more municipal bond issuance.

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