Tax free municipal bonds will shine in 2014 after last year’s tough performance as higher tax rates spur demand and overall supply shrinks, says the Robert DiMella, Portfolio Manager for the MainStay Tax Free Bond Fund. DiMella says the problems in Puerto Rico and Detroit will not hurt the overall muni market nor will competition from rising Treasury yields. As for his portfolio, DiMella is a fan of local general obligation bonds as smaller municipalities feel the wealth effect from an improving economy.
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