Municipal Market Updates
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19th October 2026
Municipal market update
Treasuries rallied across the curve last week despite a hotter-than-expected September CPI print of 3.7% year-over-year; Thursday’s surging PPI and Retail Sales data briefly paused the rally, while Fed speakers including Williams and Daly signaled further hikes are likely but not urgent.
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13th October 2026
Municipal market update
Municipals saw a volatile week, as yields weakened through midweek amid geopolitical headlines and a heavy new-issue calendar before a Friday rally saw the AAA MMD scale to improve by 12bps across the curve.
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5th October 2026
Municipal market update
Municipals outperformed Treasuries last week as ETF and crossover buying in the latter half of the week offset early outflows and bid wanted.
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28th September 2026
Municipal market update
Municipals extended their selloff last week underperforming Treasuries as a volatile rate backdrop collided with a less favorable seasonal technical environment.
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21st September 2026
Municipal market update
Last week, the Federal Reserve’s unanimous decision to raise the benchmark rate by 25 basis points took center stage.
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14th September 2026
Municipal market update
Last week, the municipal market confronted numerous headwinds, including escalating tensions with Iran, reignited inflation fears, heavy new-issue supply, and weak technicals. Coming off the long Labor Day weekend, the $17 billion in supply recalibrated yields and ratios as issuers rushed to price deals ahead of this week's FOMC meeting.
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8th September 2026
Municipal market update
Last week, the municipal market came under pressure as heavy new-issue supply, persistent inflation, and stronger-than-expected nonfarm payrolls pushed yields higher.
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31st August 2026
Municipal market update
Municipals were largely range-bound last week, though with a modest bias toward weakness. We saw some softness in the 30-year portion of the curve midweek, while Treasury rates increased more meaningfully—by as much as 10 basis points on the front end—following Fed Chair Warsh’s hawkish Jackson Hole remarks that inflation is not yet meaningfully slowing.
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24th August 2026
Municipal market update
This week, the volatile treasury market took center stage, as the Trump Administration battled market fears over the prolonged conflict with Iran, inflation and world trade, as well as record setting US deficits and borrowing needs.
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17th August 2026
Municipal market update
Municipals were stable to slightly firmer for the week ending August 14, absorbing $12 billion in supply, against a volatile Treasury backdrop.
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