Municipal Market Weekly Update

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

Munis Break 2026 Winning Streak

• Munis Break Winning Streak
• Isolating Curve Value Points
• Credit Thoughts from the Desk

Muni Risk Not Really California Dreamin’

• Munis outperform the competition to start the year
• Getting prescriptive on California credit
• Florida property tax questions

When Your Yield Is Not Your Yield

• Munis outperform the competition to start the year
• Clearing the air on yield presentations
• A peek at 2026 muni cash flows

And We Are Back!

• Munis outperform to ring in the new year
• Recapping 2025 to set table for 2026
• Active momentum quite apparent in product creation

Twas the Week Before Christmas...

• Munis finish another week on better relative footing
• Diving deep on how our 2025 insights played out
• 10-year curve spot loses luster

Tis The Season to Be Swapping!

• Munis outperform while treasuries cool their jets
• We explain how to turn losses into assets
• We do not have a supply crystal ball, but we love the trend

Munis Look To Be December Stocking Stuffers

• Munis miss sleigh ride while treasuries dash through snow
• Munis looking for redemption song in December
• Muni ETF growth abounds

Despite Tighter Spreads, Credit Gems Exist

• Munis outperform amid government reopening
• Rolling down the credit curve to end the year
• Differentiating high yield munis from high yield corporates

Coupon Defensiveness in Vogue Once Again

• Long munis sole outperformers
• Premium coupons hold the line
• Climate thoughts on muni investments

Think You Have Enough Munis . . . Think Again

• All eyes on November
• 84% munis, 16% stocks are optimal allocations
• States, not locals feel shutdown heat, but its ok

Securitized Munis Remain Market Stand Out

• Muni Shocktober is a great thing!
• Pre-pay gas bonds retain muni allure
• California taxes buffer spread ranges

Credit Cracks Don’t Have Munis Worried

• Munis lean into long end bias
• Flushing toilets remains a priority
• Munis serve as recession buffers

Fed Easing Buffers Come from Different Places

• Muni rocket cedes to taxables
• Long still beating expectations
• Blended basket of risk examined