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Since it's been several months since I last checked, I just looked at Vanguard's latest yields. The tax-exempts are less competitive in yields than they were, which I suspect has to do with default fears in the corporate sector (i.e., corporates are having to pay a high premium compared treasuries, which also translates to munis).

Anyway: Intermediate tax exempt fund yield is 3.91% (equivalent of 5.59% in 30% federal tax bracket), with intermediate index fund paying 6.11%, intermediate corporate 6.24%, intermediate treasury 5.26%.

Long term tax exempt is 4.97% (6.5% equivalent for 30% bracket), long term index is 6.44%, long corporate 6.80%, long treasury 5.51%.

Total Bond Market Index Fund (taxable) is at 5.77%.

Of course, none of this speaks to bond fund NAVs, which remain high and subject to crashing when interest rates do go up.
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