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NEW YORK (TheStreet) — The municipal bond sell-off continued last week, with investors pulling $ 5.75 billion out of such funds, according to data released on Wednesday.
The Investment Company Institute, which tracks flows in long-term mutual funds, said that investors put a net $ 4 billion into the market during the week ended Jan. 19. $ 4.6 billion of that went toward stocks, $ 3.6 billion went toward taxable bonds and $ 1.6 billion went into hybrid bond-and-equity funds.
Municipal bonds was the only category from which investors withdrew money. Investors have removed $ 30.5 billion from municipal-bond mutual funds since the start of November, when concerns about local budgets started gaining traction. …
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