This outperformance has been particularly notable since the 10-year ratio has been above 80% since before the 2008 financial crisis and subsequent Great Recession.

Yields moved lower through the first five months of 2019, with both Treasury yields and tax free yields (AAA benchmarks) falling to multi-year lows. For most of the year, tax free yields declined at a faster pace than Treasury yields generating a distinct municipal outperformance evidenced by our favored relative value indicator, municipal to Treasury ratios.

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