After falling 2.6% last year, the Barclays Municipal Bond index is up 5.7% in 2014 through May 15 -- its best start to a year since 2008.
Despite the events in Detroit and Puerto Rico, municipal yields continue to fall. After peaking on Sept. 5 last year, the yield on the index has fallen 108 basis points to 2.35% as of May 15.
Since Sept. 5, the index is up nearly 9%.
