EFTA00606030Set 9
1995-01-0321p5,008w
Historical Outperformance in Rising Rate Environment
Taxable vs. Tax-exempt Yields Higher Rates Cause Spread Wideningo)
• Historically, as rates increase, the value of the tax-exemption to
investors increases, bringing
https://www.justice.gov/epstein/files/DataSet%209/EFTA00606030.pdf