(Bloomberg) Peter Hayes, who oversees municipal-bond investments for BlackRock Inc., the world’s largest money manager, doesn’t think President Donald Trump and the Republican-led Congress will do away with the tax break given to buyers of state and local government debt.

“The tax exemption of municipal bond interest is a key draw for issuers. And while it may be deemed alterable, we don’t see it as dispensable,” Hayes said in a blog post on the company’s website. “We see the elimination of muni tax exemption as highly unlikely.”

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