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MUNICIPAL MARKET UPDATE

Municipal market quarterly update

Jul 22, 2026

James Schwartz, CFA
Patrick Haskell
Sean Carney

Munis carry outperformance into the summer

Strong demand continued to absorb record issuance, supporting municipal market performance.
Summer reinvestment flows should provide a supportive technical backdrop, although elevated issuance may temper the seasonal tailwind.
Municipal credit fundamentals remain broadly healthy, although rich relative valuations support a more measured approach to adding risk.

Source: BlackRock, Siebert, as of 6/30/26.
*BlackRock forecast.

View market update here

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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.

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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

James Schwartz, CFA

Head of Municipal Credit Research

Jim Schwartz, CFA, Managing Director, is Head of Municipal Credit Research with Municipal Fixed Income business in BlackRock's Portfolio Management

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