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Munis yielding nearly the same as Treasuries

Yields are now so puny - 0.7% for top-rated 10-year munis - that a growing number of pros are turning cautious on the market. But 0.7% is less than one-tenth of a percentage point above the yields of comparable Treasury bonds, and low however you slice it. Earlier this year, muni investors were demanding a premium of two percentage points over Treasuries.
-- Leslie P. Norton and Stephen Kleege, Barron's