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Some Investors Are Still Paying High Prices for Munis
Some muni market investors are paying far more than others for the same bond on the same day, even after a 2018 rule improved the situation somewhat.
That’s the upshot of two recent analyses of trading in municipal bonds, debt issued by state and local governments. Wealthy U.S. households like munis because their interest is tax-exempt. But unlike with stocks, there is no publicly searchable daily price information. Wall Street bond dealers broker the trades, deciding what prices they are willing to pay sellers and how much to accept from buyers.
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