Have you noticed more crowded roads and airports lately? The benefits of reopening are now seen across many sectors, and the municipal bond market is paying attention. This report explores how the process of reopening the economy is impacting municipal bond issuers and investors.


  • The Muni curve steepened in the third quarter, slightly underperforming U.S. Treasuries, in very quiet trading activity.
  • Flows into Muni Mutual Funds continued their torrid pace as increased taxes become more certain.
  • The reopening economy has benefited Munis, too.
  • Part 1 of our Muni Market Education Series: Why the High Coupon?

Daniel Urbanowicz
Senior Portfolio Manager
Municipal Fixed Income

Paul Clark, CFA
Senior Portfolio Manager
Municipal Fixed Income