MUNICIPAL MARKET OUTLOOK

Active management will drive muni returns in 2024

May 6, 2024

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Patience remains a virtue for municipal investors

  • Municipal bonds posted negative total returns but outperformed comparable Treasuries in April.
  • The large and diverse new issue slate was well absorbed at higher nominal yields.
  • We remain cautious and selective amid elevated macro uncertainty and rich valuations.

 

Municipal and Treasury yield movements

 

Munis chart

Source: Refinitiv, Bloomberg, as of 04/30/24.

 

 

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Patrick Haskell
Patrick Haskell
Head of Municipal Bonds
Patrick Haskell, Managing Director, Head of the Municipal Bond Group within the Portfolio Management Group (PMG) as well as Global Head of Financial Institutions Group Investments Business.
Sean Carney
Sean Carney
CIO of Municipal Bond Funds
Sean Carney, Managing Director and Head of the Municipal Strategy team within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group.

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