Municipal Market Weekly Update

Muni Buyers Take Second Bite at Yield Apple

• Municipals Outperform on the Week
• A Second Bite at the Tax-Exempt Apple
• Munis With Cross-Over Appeal

Unpacking Alternative Minimum Tax (AMT)

• Muni rates move higher with treasuries
• Demystifying alternative minimum tax
• Sitting in cash still a pain point

High Tax vs National Debate Rages On

• Rates Rally on Week, Munis Trail Slightly
• Why going National Isn’t a Given
• Eyeing Munis in Different Cycles

Parsing Through the Data on Wealth Tax Initiatives

• Municipals Underperform on the Week
• State-Level “Millionaire Taxes” Expand; Wealth Taxes Remain Tail Risk
• Seasonal Supply and Demand

Muni Issuance Crowds Inside 10 Years

• Municipals outperform on the Week
• The demand is real for exempt income
• Muni seasonality comes into play

Muni Tax Time is Far from an April Thing

• Munis take a breather vs Treasuries
• Tax is a focus every month of the year
• What drives taxable muni issuance

Munis Find a Way to Balance Risks

• Munis find their ceasefire swagger
• Taxable munis keeping insights on top
• California school district thoughts

Investors Should Note How Un-2022 This Year Is

• Muni Valuations Recalibrate
• Why This Year is Truly Different
• Still constructive on Munis

Looking For Safety in the Wrong Curve Places

• Rate rise continues, with mixed results
• Flight to quality can mean different things
• K-12 credit musings

Technical Curve Dynamics Tilt Advantage to Team Muni

• Rate rise continues, with mixed results
• Curve dynamics create opportunities
• Issuance not muni boogey man

Coupon Opportunities Lend Themselves to Active Solutions

• Rates quick to sniff out geo-political risks
• 4s over 5s argument enters active realm
• How risky are equity concentrations?

Credit Questions Emerge Amidst Strong 2026 Start

• Munis move back into pole position
• New York City: headlines vs. fundamentals
• Outlook for federal support

Tax-Frees Are Off to the 2026 Races

• Hot off the block, but munis can’t keep up with UST
• Are clients being paid to take equity risk right now?
• Federal outlook for support to munis

Warshing Out of Cash: Positioning Munis for the Next Curve Regime

• Municipals pull further ahead from winter norms
• Positioning munis for the next Fed era
• Munis as a safe(r) haven

Munis Jump Ahead On 2026 Expectations

• Munis back in driver seat
• Munis ride cash wave momentum
• Portfolio construction demands 4-dimensional market view