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Let me clarify my question a bit -- I understand the relationship Macauley developed 60 years ago -- the change in price for a single bond is the product of duration times the change in yield.

What I want is a way to estimate the change of a bond fund's price when interest rates generally change. We know mortgages, CD rates, etc. all tend to rise together, but as far as I can tell, the amount CDs go up and 30 year mortgages go up do not seem simply correlated to Fed Funds, or anything else. Hence I don't know how to estimate the change in the price of a Muni Bond fund.

Gordon - still confused and still in Atlanta
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