The year is just about over, and it has been a remarkably stood year for municipal bonds. A record volume of bonds has been issued, and interest rates have fallen to their lowest average level since 1979.

Much of the bond volume was caused by this low level of rates, and a record amount of refinancing was done. The fall in rates resulted from an easy monetary policy coupled with a slack economy and low inflation, all conditions that may persist well into 1993. God days for the bond market are not over.

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