Banks Pull Back on Municipal Debt for First Time in Nine Years . Shift among banks is a sign of how much new tax rules have damped demand for debt from state, local governments.

Municipal securities held by U.S.-chartered depository institutions fell in the first quarter by nearly $16 billion to $554 billion https://t.co/HALgBLyua0

— The Wall Street Journal (@WSJ) June 10, 2018