Municipal market quarterly update

A market reset creates new opportunities

• September's historic selloff materially improved municipal valuations, creating a more attractive entry point for investors heading into Q4.
• Higher yields offer compelling income opportunities without requiring investors to predict the next move in interest rates.
• Property tax reform and evolving fiscal policies could increase credit differentiation, reinforcing the importance of security selection.

Municipal yields outpace taxable alternatives

Municipal bond tax-equivalent yields exceed Treasuries and IG corporates by ~200–300 basis points

View market update here