Summary

• Emerging markets income is having a good run. Munis are starting to make a comeback.
• High-yield muni bond funds and ETFs typically have very long durations – much longer than corporate bond funds and ETFs – so be aware of that.
• Default rates for high-yield corporate credit remain at the 2.5-2.7% annual pace.

The optics aren’t the best, but these "annual return" updates that run every few months can show how distorted long-term returns can get and where the value might be if readers want to look where the crowd

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