Brian Chappatta
Bloomberg News - For U.S. investors, the safest haven from the recent global financial turmoil might be in their own backyards. The $3.6 trillion market for state and local government debt rallied in August, pushing this year’s return to 1.1 percent through Wednesday, Bank of America Merrill Lynch data show. Among fixed-income assets, that beats Treasuries, which gained 1 percent, and U.S. corporate bonds, which lost 0.8 percent. The Standard & Poor’s 500 index is down 3.5 percent, the most
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