MUNICIPAL MARKET OUTLOOK

Active management will drive muni returns in 2024

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Municipals deliver strength ahead of seasonal shift

  • Municipals posted positive performance and outperformed comparable Treasuries in February.
  • We expect supply-and-demand dynamics to turn less supportive in the coming months.
  • After patience to start the year, we would view any material backup as an opportunity to buy.

 

Municipal and Treasury yield movements

 

Munis chart

Source: Refinitiv, Bloomberg, as of 02/29/24.

 

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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
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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