Munis Still Magnificent Despite 2014 Rally Says Nuveen's Miller

Municipal bond valuations are still attractive despite the run-up in prices over the past year, said John Miller, Co-Head of Fixed Income for Nuveen Asset Management. Miller added that the Republican win won't likely change the municipal bond environment too much and he said the low issuance environment could last a while longer as municipalities continue to get their fiscal houses in order. He said there has been outperformance in revenue bonds in the past year, but he likes California general obligation bonds because the state has been enjoying an improving credit trajectory.