Investors last week fled bond funds for the first time in 23 months, Reuters reports
According to data
from Investment Company Institute
, mutual funds as a whole suffered some $5 billion in net redemptions, with $4.78 billion of the outflow stemming from municipal bond funds.
According to the article, the redemptions reflected fears of higher interest rates hitting muni bond prices as well as the changing outlook for higher taxes next year with Republicans in control of the U.S. House of Representatives.
By comparison, equity funds had outflows of $1.16 billion.
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