The rise in bond yields has been a good news/bad news story. For the U.S. Treasury, the increase has been disquieting and has elicited an extraordinary scheme to double its buying of long-term maturities to boost their prices and suppress their yields. But it is also “creating attractive opportunities for investors as municipal yields rise to some of the most compelling levels seen in recent years,” notes Tom Kozlik, head of public policy and municipal strategy for HilltopSecurities.

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