The US municipal market’s worst monthin more than two years has cheapened the debt enough to lure some investors looking to add to their tax-exempt holdings.
It’s been a tough stretch across fixed income, with the Middle East conflict pushing up oil prices and sparking inflation concerns. But munis have had an especially poor month, declining2.5% in March through Monday, on track for their biggest monthly loss since September 2023, Bloomberg index data show. Treasuries, meanwhile, have held up marginally better, with a 1.8% drop.
A heavy calendar of supply contributed to munis’ underperformance. Issuance in 2026 ...
