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Municipal bonds generally lagged Treasuries in June given already tight spreads. This month we look at evolving yield opportunities and how municipal bond markets could play out through the summer.

  • Munis were virtually unchanged for the month of June, underperforming U.S. Treasuries.
  • Flows into Muni Mutual Funds continued but seem to be slowing as we believe the market remains overvalued.
  • As the summer season begins and issuance slows, Munis may resume outperformance due to a supply/demand imbalance and a thin market.

Daniel Urbanowicz
Senior Portfolio Manager
Municipal Fixed Income
973-549-4335

Paul Clark, CFA
Senior Portfolio Manager
Municipal Fixed Income
415-364-2635

Rick Marrone
Senior Portfolio Manager
Municipal Fixed Income
415-364-2917