The municipal market entered the quarter with a softer tone as an improving economic scenario and prospects of a Fed rate hike began to be priced into the market. Investors were confident that with a Clinton Ppresidential victory, rates would keep ratestay lower for longer, inflation would remain in check, and the Fed would be slow to act. However, Sterling and the market were stunned by the Trump's upset victory and the resulting market impact has been nothing less than shocking and painful for municipal investors. Shocking in that the belief was that a Trump victory would send risk assets plummeting due to uncertainty and, benefiting Treasury and municipal bonds. That lasted for only a few hours after the election and by the end of the first full business day, yields had moved sharply higher and risk assets like stocks were