Riskiest Tobacco Bonds Slide as a Drop in Smoking Hits Payments

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Tobacco bonds faltered to become the worst performers in high-yield municipal debt as a decline in smoking drove the payments that back the securities to a record low.

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Markets today: Bonds recover with traders on U.S. inflation watchBonds climbed, clawing back part of Monday’s slump in the buildup to US inflation figures that are crucial to the debate over when the U.S. Federal Reserve will start to cut interest rates.
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