Institutional investors have discovered a new normal in our markets. Normality, they are saying, means sluggish economic growth, a sideways or down stock market, lower consumption, disappointing dividend returns and inflation right around the corner.rnFor my bond market brethren the new normal has come to mean that municipal bonds yield more than comparable Treasurys. This fait accompli began in the frenetic days when Bear Stearns imploded, then cranked up during September 2008, when the financial markets melted down.
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