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Municipals continued to outperform in April, with yields falling by up to 16 basis points (bps) compared to U.S. Treasury yields decreasing by up to 9 bps.

Key Points:

  • Despite elevated Tax-Exempt Muni issuance, Munis continue to rally and outperform their U.S. Treasury and Corporate bond counterparts.
  • The Muni Market continues to experience record-setting fund inflows that are fueling unrelenting demand, outstripping this elevated supply.
  • Anticipating higher future income tax rates, investors continue to flock to Munis, even though other fixed income investments offer a better value proposition.