Municipal Bond Market Insight - From Lagging to Leading

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 both Treasurys and corporate bonds in January.

Despite the mild gains, intermediate and long yields remain compelling on an absolute basis.

Although 2025 was a positive-return year, tax-loss harvesting was strong.

We expect positive returns for 2026, likely with volatility that facilitates tax-loss harvesting throughout the year.