BofA sees 'golden decade' for U.S. municipal bond market under Biden

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Massive fiscal aid, potentially huge infrastructure spending and the prospect of federal tax increases under President Joe Biden's administration will boost the U.S. municipal bond market in coming years, a BofA Global Research report said on Friday.

FILE PHOTO: U.S. President Joe Biden speaks to reporters as he holds his first formal news conference in the East Room of the White House in Washington, U.S., March 25, 2021. REUTERS/Leah Millis

The market is already cheering the $1.9 trillion fiscal stimulus plan Biden signed into law on March 11, with $350 billion heading to states and local governments to help with lost revenue and higher costs due to the COVID-19 pandemic. Aid was a factor in decisions this month by S&P Global Ratings and Moody’s Investors Service to revise the credit outlook to stable from negative for the state and local government sectors.

“Added to this is the potential benefit from tax changes that, on balance, should increase demand for munis,” BofA said.

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Bofa deez nuts

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