<div id="readability-page-1"><div><p>Strong demand for municipal exchange-traded funds is shifting the state and local bond market's dynamics and masking flow trends. A single mutual fund conversion last week made what was actually an inflow look like nearly $1 billion in outflows, according to JPMorgan. Bloomberg's municipal bonds reporter Maxwell Adler discussed the story on &#34;Bloomberg Markets&#34; with Vonnie Quinn.</p><p><span>Bloomberg videos</span>, provided by MT Newswires</p></div></div>

中期市政债券主动 ETF - PIMCO

<p>对市政交易所交易基金的强劲需求正在改变州和地方债券市场的动态，并掩盖流动趋势。根据摩根大通的说法，上周的一次共同基金转换使得实际上是资金流入的情况看起来像是近 10 亿美元的资金流出。彭博社的市政债券记者麦克斯韦·阿德勒在 “彭博市场” 节目中与冯妮·奎因讨论了这个故事。彭博视频由 MT Newswires 提供</p>

ETF 的需求正在重塑市政债券的市场动态