MUNICIPAL MARKET OUTLOOK

Active management will drive muni returns in 2024

Jun 10, 2024

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Value being restored in municipals

  • Municipal bonds deviated from U.S. fixed income assets and posted negative performance in May.
  • Issuance remained robust and increasingly pressured the market late in the month.
  • We have started to selectively add duration but see several reasons to remain patient.

 

Municipal and Treasury yield movements

 

Munis chart

Source: Refinitiv, Bloomberg, as of 05/31/24.

 

 

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Patrick Haskell
Patrick Haskell
Head of Municipal Bonds
Patrick Haskell, Managing Director, Head of the Municipal Bond Group within the Portfolio Management Group (PMG) as well as Global Head of Financial Institutions Group Investments Business.
Sean Carney
Sean Carney
CIO of Municipal Bond Funds
Sean Carney, Managing Director and Head of the Municipal Strategy team within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group.

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