Muni Market Logs Most Trades Ever After Tariff-Induced Bond Rout

Municipal-bond traders had their busiest day on record on Wednesday as yields surged and investors tried to make sense of an abrupt change in US trade policy.

There were 112,660 trade transactions in the state and local government debt market on April 9, according to data from the Municipal Securities Rulemaking Board compiled by Bloomberg. That’s the most ever in data going back to 1995, and much higher than the 10-year daily average of around 42,000 trades.

Roughly $33 billion of debt changed hands, the most since March 2020.

The surge in trading came as ...