Munis are suddenly gaining fame because of their durability during the recent downturn.
We think the "January effect" is well underway and that having some exposure is better than waiting for entry to the perfect fund.
There's a lot of potential discount capture (mean reversion on the discount) available still despite the rally.
If the Fed pauses, the rally in muni CEFs could extend beyond January, and we could ("could") move back toward the high valuation levels seen in the summer of 2017.
News reports are coming out about lower-than-expected tax refunds mostly due to the withholding not being correct. Once higher earners see this, they will undoubtedly ask their CPAs how they can reduce their taxable income.