Market Update: Municipal bond yields decreased during the second quarter with AAA 5-year, 10-year, and 20-year yields falling 21, 37, and 49 basis points, respectively. Yields dropped dramatically after the United Kingdom (U.K.) voted to leave the European Union (EU), in late June. The Prime Minister of the U.K., David Cameron, resigned shortly after the announcement. The process for leaving the EU will take time and involve many discussions with other EU members over various trade agreements. It is too soon to tell who benefits from this decision, but it will create short-term uncertainty which will affect all financial markets.