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"The margin for error is so thin," says Morgan Stanley's Michael Zezas, no longer a bull on...

"The margin for error is so thin," says Morgan Stanley's Michael Zezas, no longer a bull on municipal debt. With yields this low, all it would take is an 18 basis point move higher in rates to wipe out a year's worth of interest income. "We can't envision a scenario in which muni yields would hold while U.S. Treasury yields moved."
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