Investors established a new record for withdrawals from municipal bond mutual funds in the week ended Jan. 19 as headline risk continued to chase people from state and local government debt funds.

Municipal bond mutual funds that report their figures weekly posted an outflow of $4 billion during the week ended Jan. 19, according to Lipper FMI. That new mark beats the old record of $3.1 billion, set the week ended Nov. 17, by 29%.

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