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Municipal Market Updates

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Market Insights

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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Market Insights

10th August 2026

Municipal market update

Municipal bonds outperformed U.S. Treasuries this week, with the AAA MMD scale bumped in all five sessions.

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Market Insights

3rd August 2026

Municipal market update

Municipal bonds outperformed U.S. Treasuries this week, with yields relatively unchanged even as Treasuries sold off across the intermediate and long end of the curve.

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Market Insights

27th July 2026

Municipal market update

Munis underperformed Treasuries this week, with the MMD curve weakening 16–22 basis points as the market corrected following a period of very rich ratios, while Treasury yields also backed up by approximately 10–15 basis points across the curve.

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Market Insights

20th July 2026

Municipal market update

MMD underperformed USTs this week, with muni yields rising 6–12 bps across the curve while Treasury yields were flat to 5 bps lower.

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Market Insights

13th July 2026

Municipal market update

MMD and USTs both sold off this week, but MMD held up better. Muni yields rose 2–7 bps versus UST yields up 6–10 bps on the 5- and 30-year, reflecting the strong technical backdrop from reinvestment demand and moderate supply.

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Market Insights

6th July 2026

Municipal market update

Municipal bonds outperformed last week despite the volatility in the Treasury market following the June employment report, which showed the unemployment rate declining to 4.2% and reinforced uncertainty around the Fed's policy path.

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Market Insights

29th June 2026

Municipal market update

Municipal bonds underperformed last week, which was largely expected given the volatility seen the prior week.

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Market Insights

22nd June 2026

Municipal market update

The municipal market remained firm last week as supply was lighter than usual due to the FOMC meeting and the Juneteenth holiday.

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Market Insights

15th June 2026

Municipal market update

Volatility persisted last week as the market reacted to the release of economic data and continued geopolitical developments. Core CPI came in as expected at 4.20%, while PPI came in lower than expected at 6.40%.

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