The sell-off in municipals last week finally stemmed the tide of cash that had flooded municipal bond mutual funds for the better part of a year. Investors entrusted $615 million to municipal funds during the week ended Oct. 14, according to Lipper FMI. That is the puniest slug of money poured into muni funds since April.

Funds have reported an average of $2.62 billion in inflows a week over the last four weeks, which is still extraordinarily high. But the latest inflow, coupled with the bond market's recent drubbing of municipals, may signal a shift.

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