it. WSJ reports
Muni Tumult Ends Fund-Inflow StreakThe muni-market tumult upended a roughly three-month run of buying in long-term U.S. mutual funds.Investors pulled an estimated $5 billion from long-term funds, the first week of net outflows, or selling, since late August, according to the Investment Company Institute.
The race for the exits was seen particularly in municipal-bond funds. Muni-bond values have slumped this month on a confluence of events, from surging Treasury yields to large new supply to the midterm election.....A net $4.33 billion flowed out of bond funds in the week ended Nov. 17 after $3.96 billion was added the previous week, ICI said. Taxable funds had inflows of $457 million while municipal ones saw $4.78 billion in withdrawals.
The program is set to end on Dec. 31, and its possible expiration was one reason cited for the recent selloff in the municipal-bond market.
......Uncertainty about the program's fate helped lead to a glut in issuance that played a large part in roiling the muni-bond market over the past two weeks. A sharp selloff stabilized late last week, and muni-bond prices in the past few days have climbed slightly as issuance slowed ahead of the Thanksgiving holiday.