Municipal prices soared yesterday as the Federal Reserve delivered 50-basis-point increases in both the federal funds and discount rates.

"It think it's exactly what the market wanted," one municipal trader said. "We're relieved," another trader said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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