<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>

中期市政債券主動 ETF - PIMCO

<p>對市政交易所交易基金的強勁需求正在改變州和地方債券市場的動態，並掩蓋流動趨勢。根據摩根大通的説法，上週的一次共同基金轉換使得實際上是資金流入的情況看起來像是近 10 億美元的資金流出。彭博社的市政債券記者麥克斯韋·阿德勒在 “彭博市場” 節目中與馮妮·奎因討論了這個故事。彭博視頻由 MT Newswires 提供</p>

ETF 的需求正在重塑市政債券的市場動態