Manage communications
Mutual Fund & 529 accounts

Leave the BlackRock site for Individuals to explore other content

I invest on behalf of my clients.

I consult or invest on behalf of a financial institution.

I want to learn more about BlackRock.

Change location

Americas Offshore Australia Austria Belgium Brazil Canada Chile China Offshore - 中国境外 China Onshore - 中国境内 Colombia Czech Republic Denmark Dubai (IFC) Finland France Germany Hong Kong - 香港 Hungary Israel Italy Japan - 日本 Kuwait Luxembourg México Netherlands Norway Poland Portugal Saudi Arabia Singapore Slovakia South Africa Spain Sweden Switzerland Taiwan - 台灣 United Kingdom United States Location not listed

Funds

Investment strategies

Insights & education

About us

Open Search Close Search

FUND TYPE
ASSET CLASS
FUNDS IN FOCUS

All funds All funds
529 College Savings Plan 529 College Savings Plan

ACTIVE STRATEGIES
OTHER STRATEGIES

All active investment strategies All active investment strategies

INSIGHTS
EDUCATION
DOCUMENTS & FORMS
TOOLS

Planning for retirement Planning for retirement
The Bid podcast The Bid podcast

OUR COMPANY
Connect with us
- Customer service
- Digital service

Open Search Close Search

All funds 529 College Savings Plan
FUND TYPE

Mutual funds
iShares ETFs
Closed-end funds

ASSET CLASS

Cash alternatives
Commodity funds
Stock funds
Bond funds
Multi-asset funds
Real estate funds

FUNDS IN FOCUS

Science and Technology Trust
Resources & Commodities Strategy Trust
Global Allocation Fund
LifePath Index Retirement Fund
Technology Opportunities Fund
iShares Core S&P 500 ETF

All active investment strategies
ACTIVE STRATEGIES

BlackRock Impact Opportunities
Fixed Income
Fundamental Equities
Multi-Asset Strategies & Solutions
Systematic Investing

OTHER STRATEGIES

Cash management
Factor-based investing
Investing for retirement
LifePath® target date funds

Planning for retirement The Bid podcast
INSIGHTS

Weekly commentary
Global investment outlook
BlackRock Investment Institute
Investment stewardship
Our approach to sustainability
Portfolio management views
All insights

EDUCATION

Education center
Retirement 101
Retirement volatility strategies
What is a 401(K)?
Closed-end funds
Document library

DOCUMENTS & FORMS

Factsheets
Shareholder reports
Regulatory documents
Share classes and loads
Tax information
Forms & Applications
529 Forms & Applications

TOOLS

LifePath spending tool
LifePath selector tool
iShares core builder
College saving estimator

OUR COMPANY

About BlackRock
BlackRock retirement
Careers

Connect with us

Customer service
Digital service

RESET

MUNICIPAL MARKET UPDATE

Municipal market quarterly update

Oct 16, 2025

Patrick Haskell
Sean Carney

Patience pays off as munis harvest returns

Municipals are well-positioned, supported by a favorable macro backdrop, resilient fundamentals, and seasonal tailwinds.
Attractive valuations and curve steepness offer compelling opportunities for tax-efficient, income-oriented investors, in our view.
State credit strength endures, with broad-based revenue growth, disciplined fiscal management, and historically low debt burdens.

Source: Bloomberg Indices, BlackRock, as of 12/31/24.

View Commentary

Investment funds

Explore BlackRock's mutual funds, iShares ETFs and closed-end funds.

Funds to match your goals

Get investing ideas for funds by asset class, market, region, ...

View all funds View all funds

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.

View Patrick Haskell bio View Patrick Haskell bio

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.

View Sean Carney bio View Sean Carney bio

RELATED RESOURCES

Stay ahead of the markets

Uncover expert insights from BlackRock’s strategists and portfolio managers. Get the latest on the global economy, geopolitics, retirement, and other timely investment ideas.

Explore all insights Explore all insights

KEEP EXPLORING

Weekly market commentary Weekly market commentary

Education hub Education hub

The Bid podcast The Bid podcast

Explore more

Funds

FUND TYPE
ASSET CLASS
FUNDS IN FOCUS

All funds All funds
529 College Savings Plan 529 College Savings Plan

Investment strategies

ACTIVE STRATEGIES
OTHER STRATEGIES

All active investment strategies All active investment strategies

Insights & education

INSIGHTS
EDUCATION
DOCUMENTS & FORMS
TOOLS

Planning for retirement Planning for retirement
The Bid podcast The Bid podcast

About us

OUR COMPANY
Connect with us
- Customer service
- Digital service

As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.

Corporate

Fraud protection tips Fraud protection tips
Careers Careers
Newsroom Newsroom
Investor relations Investor relations
Contact us Contact us
Accessibility Accessibility
Responsible Disclosure Responsible Disclosure

Legal

Terms & conditions Terms & conditions
Privacy Notice Privacy Notice
Business continuity Business continuity
FINRA BrokerCheck FINRA BrokerCheck
Rule 606 Disclosure Rule 606 Disclosure
Cookie Notice Cookie Notice

You are now leaving BlackRock’s website

You are leaving BlackRock’s website and entering a third-party website that is not controlled, maintained, or monitored by BlackRock. BlackRock is not responsible for the content or availability of the third-party website. By leaving BlackRock’s website, you will be subject to the third-party website’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review such policies and notices on the third-party website.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other information can be found in the Fund's prospectus or shareholder report, as applicable, which may be obtained by visiting the BlackRock Fund Prospectuses & Shareholder Reports webpage, calling 800-882-0052 or from your financial professional. Read the Fund's prospectus or shareholder report, as applicable, carefully before investing.

Investing involves risk, including possible loss of principal.

This material is provided for educational purposes only and is not intended to constitute investment advice or an investment recommendation within the meaning of federal, state or local law. You are solely responsible for evaluating and acting upon the education and information contained in this material. BlackRock will not be liable for direct or incidental loss resulting from applying any of the information obtained from these materials or from any other source mentioned. BlackRock does not render any legal, tax or accounting advice and the education and information contained in this material should not be construed as such. Please consult with a qualified professional for these types of advice.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities. Obligations of US govt. agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US govt. Securities with floating or variable interest rates may decline in value if their coupon rates do not keep pace with comparable market interest rates. The Fund’s income may decline when interest rates fall because most of the debt instruments held by the Fund will have floating or variable rates.

Mortgage-backed securities ("MBS") and commercial mortgage-backed securities ("CMBS") are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities.

Collateralized Debt Obligations ("CDOs") carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the lack of a readily available secondary market for CDOs.

There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

A portion of the income may be taxable.

Index performance is for illustrative purposes only. Index performance does not reflect any management fees, or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

The opinions expressed are as of Oct 16, 2025, and may change as subsequent conditions vary.

The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

Prepared by BlackRock Investments, LLC, member FINRA.

BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings

Not FDIC Insured | May Lose Value | No Bank Guarantee

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

USRRMH1025U/S-4914608