Crash is coming for municipal bond market, money manager says

The $2.8 trillion municipal bond market in the U.S. is likely to crash in the same way as the markets for housing and technology, said Michael Aronstein of Marketfield Fund. Politicians have taken advantage of the low cost of credit to pile up an unsustainable level of debt, Aronstein said. "I think we're getting quite close," Aronstein said. "You'll see people trying to withdraw money from the municipal bond funds. The big risk comes when you start seeing the tightening credit cycle."