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Los Angeles. Photo: Mario Tama/Getty Images

Municipal bonds are on pace to see the highest inflows on record, data provider Lipper notes, surpassing the previous high set in 2009.

What's happening: Not only has the asset class almost surpassed the previous record already, but by mid-year, 2019's inflows were also "more than 10 times the amount of new investor money gathered over the whole of 2018," notes Mark Marinella, a portfolio manager at Capital Group.

What it means: The buying spree has been prompted by the Fed's rate cutting cycle, which has reduced the attractiveness of other bonds that don't carry munis' tax-friendly status, and the Tax Cuts and Jobs Act, Lipper senior research analyst Pat Keon points out in a recent post.

  • The tax law change capped state and local tax deductions at $10,000.

Why you'll hear about this again: "Even with muni yields near multiyear lows, after-tax yields have continued to exceed those of taxable bonds for anyone whose marginal tax rate is 24% or higher — well below the top tax rate of 37%," Marinella says.

Go deeper: Municipal bonds are 2019's hottest asset

Go deeper

Schumer: Trump impeachment trial to start week of Feb. 8

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

Why it matters: Trump is the only president in U.S. history to be impeached twice for “incitement of insurrection" after a violent pro-Trump mob breached the U.S. Capitol, resulting in five deaths.

55 mins ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.