Many fixed income investors are enthusiastic about the bond market's prospects against the backdrop of Federal Reserve easing. But municipal bonds are setting the world ablaze this year. Bonds issued by cities and states, and ETFs such as the ALPS Intermediate Municipal Bond ETF (MNBD), have been hamstrung by a variety of factors. These include massive issuance but waning demand, narrowing credit spreads and lagging performances relative to Treasuries of comparable durations. Combine those factors and it mi ...