Municipal Bond Market Insight - Seasonal Shift Follows Outperformance

What were the key takeaways from last month’s numbers? Our muni specialists look back at the market’s performance and provide incisive commentary to help you make sense of what drove the market—and what may be on the horizon for muni investors.

Key takeaways from the latest edition:

Municipals outperformed Treasurys and corporates again in February, building on January’s strength.

A seasonal shift in supply and reinvestment flows may create more attractive entry points in coming months.

The steep back half of the muni yield curve continues to reward maturity extensions.

Despite geopolitical turbulence, our outlook for mid-single-digit returns in 2026 remains intact.