Municipal bonds rallied, defying analyst expectations as supply fell more than 20 percent while mutual fund inflows and principal and interest payments boosted demand.

With issuance in the first half of 2014 at its lowest since 2011 and a top tax bracket at its highest since 2000, munis posted their best second quarter returns in three years.

Detroit’s bankruptcy and Puerto Rico’s economy dominated the headlines.

Click the image below to open the Statbook. 

statbook Q2

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