The municipal bond market experienced unprecedented turbulence over the past month as coronavirus fears swept all markets. Wild swings in yields became the expectation rather than the norm, with multiple days of 50+ basis point moves. Investors pulled over $25 billion from municipal mutual funds in the past three weeks after recording over 60 consecutive weeks of inflows, according to Lipper. Liquidity providers retreated from the market just as these funds were forced raise cash. Our defensive strategy of keeping duration short and credit quality high has provided protection in this period of market stress.