Munis offer opportunity ahead of seasonal strength
- Municipals posted another month of negative total returns amid vastly rising interest rates.
- Supply-and-demand dynamics weighed on the market but should improve in the coming months.
- Valuations look increasingly attractive relative to other fixed income asset classes.
Municipal and Treasury yield movements

Source: BlackRock, Bloomberg
Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to blackrock.com for most recent month-end performance.
To obtain more information on the funds, including standardized average annual total returns as of the most recent calendar quarter and month end, please visit National Municipal Fund, Strategic Municipal Opportunities Fund and High Yield Municipal Fund.