NEW YORK, July 19 (Reuters) - U.S. municipal bonds fell the most in nearly a month on Friday as news that Detroit had filed for the largest municipal bankruptcy in U.S. history added to a slew of concerns about the $3.7 trillion market.
Selling picked up in the afternoon. Yields on longer-dated triple-A maturities ranging from 2037 to 2043 rose by 9 to 11 basis points, according to a preliminary read on Municipal Market Data's triple-A scale.
The rise was the steepest since June 24 after the U.S. Federal Reserve rattled markets with plans to scale back its bond buying program, pushing yields on both the 10- and the 30-year maturities up as much as 17 basis points in a single session. Prices move inversely to yields.
(Reporting by Edward Krudy; Editing by Tiziana Barghini and Chizu Nomiyama)