Municipal demand and prices so far in the New Year are being bolstered by market technicals, according to Jeffrey Lipton, managing director and head of municipal research and strategy at Oppenheimer.

Amid a continued negative tone for overseas and domestic equity markets – underscored by the Dow Jones Industrial Average's 500-point free fall in the last week -- the lack of municipal supply is driving mutual fund flows and demand for tax-exempt securities higher, Lipton said in a weekly municipal commentary dated Jan. 19.

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