{"id":141090,"date":"2026-06-16T13:22:39","date_gmt":"2026-06-16T17:22:39","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/data\/key-trends-reshaping-the-municipal-bond-market\/"},"modified":"2026-06-16T13:46:15","modified_gmt":"2026-06-16T17:46:15","slug":"key-trends-reshaping-the-municipal-bond-market","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/data\/key-trends-reshaping-the-municipal-bond-market\/","title":{"rendered":"Key trends reshaping the municipal bond market"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7b5fbb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Key trends reshaping the municipal bond market<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/350602715.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Buildings on the lower Manhattan skyline\" title=\"New York Skyline\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7c3cfb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">June 16, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7ca30a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span class=\"TextRun SCXW116464144 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116464144 BCX0\">Higher yields, tax policy uncertainty for state and local municipalities, and ongoing market modernization are redefining how investors approach munis.<\/span><\/span><span class=\"EOP Selected SCXW116464144 BCX0\" data-ccp-props=\"{&quot;335559739&quot;:0,&quot;335572071&quot;:0,&quot;335572072&quot;:0,&quot;335572073&quot;:4278190080,&quot;335572075&quot;:0,&quot;335572076&quot;:0,&quot;335572077&quot;:4278190080,&quot;335572079&quot;:0,&quot;335572080&quot;:0,&quot;335572081&quot;:4278190080,&quot;335572083&quot;:0,&quot;335572084&quot;:0,&quot;335572085&quot;:4278190080,&quot;335572087&quot;:0,&quot;335572088&quot;:0,&quot;335572089&quot;:4278190080,&quot;469789798&quot;:&quot;nil&quot;,&quot;469789802&quot;:&quot;nil&quot;,&quot;469789806&quot;:&quot;nil&quot;,&quot;469789810&quot;:&quot;nil&quot;,&quot;469789814&quot;:&quot;nil&quot;}\">\u00a0<\/span><\/li>\n<li><span class=\"TextRun SCXW153666107 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW153666107 BCX0\">Leading municipal bond market participants are examining the opportunities created by a steep municipal yield curve, the consequences of evolving tax policies, and the growing importance of electronic trading, data quality, and pricing transparency.\u00a0<\/span><\/span><span class=\"EOP Selected SCXW153666107 BCX0\" data-ccp-props=\"{&quot;335559739&quot;:0,&quot;335572071&quot;:0,&quot;335572072&quot;:0,&quot;335572073&quot;:4278190080,&quot;335572075&quot;:0,&quot;335572076&quot;:0,&quot;335572077&quot;:4278190080,&quot;335572079&quot;:0,&quot;335572080&quot;:0,&quot;335572081&quot;:4278190080,&quot;335572083&quot;:0,&quot;335572084&quot;:0,&quot;335572085&quot;:4278190080,&quot;335572087&quot;:0,&quot;335572088&quot;:0,&quot;335572089&quot;:4278190080,&quot;469789798&quot;:&quot;nil&quot;,&quot;469789802&quot;:&quot;nil&quot;,&quot;469789806&quot;:&quot;nil&quot;,&quot;469789810&quot;:&quot;nil&quot;,&quot;469789814&quot;:&quot;nil&quot;}\">\u00a0<\/span><\/li>\n<li><span class=\"TextRun SCXW945884 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW945884 BCX0\">As issuance\u00a0<\/span><span class=\"NormalTextRun SCXW945884 BCX0\">remains<\/span><span class=\"NormalTextRun SCXW945884 BCX0\">\u00a0elevated and market structure continues to evolve, investors are increasingly focused on balancing after-tax income opportunities with duration risk, liquidity management, and execution efficiency.<\/span><\/span><span class=\"EOP Selected SCXW945884 BCX0\" data-ccp-props=\"{&quot;335572071&quot;:0,&quot;335572072&quot;:0,&quot;335572073&quot;:4278190080,&quot;335572075&quot;:0,&quot;335572076&quot;:0,&quot;335572077&quot;:4278190080,&quot;335572079&quot;:0,&quot;335572080&quot;:0,&quot;335572081&quot;:4278190080,&quot;335572083&quot;:0,&quot;335572084&quot;:0,&quot;335572085&quot;:4278190080,&quot;335572087&quot;:0,&quot;335572088&quot;:0,&quot;335572089&quot;:4278190080,&quot;469789798&quot;:&quot;nil&quot;,&quot;469789802&quot;:&quot;nil&quot;,&quot;469789806&quot;:&quot;nil&quot;,&quot;469789810&quot;:&quot;nil&quot;,&quot;469789814&quot;:&quot;nil&quot;}\">\u00a0<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7d02da'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW63692654 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW63692654 BCX0\">After years of shifting rate expectations, renewed income demand and rapid market modernization, municipal bonds are\u00a0<\/span><span class=\"NormalTextRun SCXW63692654 BCX0\">receiving<\/span><span class=\"NormalTextRun SCXW63692654 BCX0\">\u00a0fresh attention from investors. But the market they are returning to looks different than the one they left.<\/span><span class=\"NormalTextRun SCXW63692654 BCX0\">\u00a0<\/span><\/span><span class=\"EOP Selected SCXW63692654 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7d3959'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_884758905456482177\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/data\/enterprise-catalog\/pricing\/evaluated-pricing\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"BVAL\"\n        >\n                      BVAL\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW237833972 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW237833972 BCX0\">This article looks at the forces driving renewed interest in municipal bonds, the risks investors are\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW237833972 BCX0\">watching<\/span><span class=\"NormalTextRun SCXW237833972 BCX0\">\u00a0and the data and pricing capabilities becoming increasingly important as the market evolves. Insights are based on discussions with municipal bond market\u00a0<\/span><span class=\"NormalTextRun SCXW237833972 BCX0\">professionals<\/span><span class=\"NormalTextRun SCXW237833972 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW237833972 BCX0\">at <strong>Bloomberg\u2019s Pricing Forum<\/strong>, held in New York in May.<\/span><\/span><span class=\"EOP Selected SCXW237833972 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7d7939'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Empower your work with Enterprise Data & Technology monthly insights<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4269077392458495505\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7db81a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW66281961 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW66281961 BCX0\" data-ccp-parastyle=\"heading 2\">Municipal investing transformed by higher yields, structural\u00a0<\/span><span class=\"NormalTextRun SCXW66281961 BCX0\" data-ccp-parastyle=\"heading 2\">change<\/span><span class=\"NormalTextRun SCXW66281961 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0and technology<\/span><\/span><span class=\"EOP Selected SCXW66281961 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Rising yields and the prospect of higher state taxes are drawing investors back to municipal bonds for attractive after-tax income. This resurgence is clear, with municipal mutual funds and ETFs capturing\u00a0$25 billion\u00a0in inflows so far this year.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, investors are returning to a transformed landscape. In this opaque, heavily fragmented market, having a\u00a0market-reflective reference\u00a0point<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">is\u00a0critical. By anchoring core analytics directly to\u00a0<\/span><a href=\"https:\/\/professional.bloomberg.com\/products\/data\/enterprise-catalog\/pricing\/evaluated-pricing\/#bval-curves\"><span data-contrast=\"none\">Muni BVAL<\/span><\/a><span data-contrast=\"auto\">,\u00a0independent, market-reflective evaluations are delivered for even the most thinly traded securities. This high-quality data serves as the vital backbone keeping analytics\u00a0representative of available market data.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The US municipal bond market\u00a0represents\u00a0approximately\u00a0$4.5 trillion\u00a0in outstanding debt, according to Bloomberg Intelligence, and is entering a period of higher issuance, evolving valuations and rising financing costs. While state credit profiles\u00a0remain\u00a0solid overall, fiscal\u00a0pressures at the local level are elevating issuer-specific fundamentals as a key driver of investment decisions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">That appetite has held even against a record supply backdrop. With municipal issuance forecast to approach\u00a0$600 billion\u00a0this year, the market has absorbed the volume without disruption, driven\u00a0largely by\u00a0retail investors, separately managed accounts and ETFs drawn to the after-tax income opportunity.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW207387367 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW207387367 BCX0\" data-ccp-parastyle=\"heading 2\">Why are\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207387367 BCX0\" data-ccp-parastyle=\"heading 2\">muni<\/span><span class=\"NormalTextRun SCXW207387367 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0investors focused on the steep AAA yield curve?<\/span><\/span><span class=\"EOP Selected SCXW207387367 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">For investors returning to municipals, higher yields have made after-tax income more attractive, but the market has also become more complex.\u00a0Today&#8217;s municipal market is increasingly volatile, shaped by fragmented liquidity, electronic trading, and rising demand for\u00a0accurate,\u00a0timely\u00a0pricing information. Complicating matters further is an unusually steep yield curve.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The AAA municipal curve, a benchmark measure of yields on the highest-quality municipal bonds, has risen sharply at intermediate and longer maturities even as the Treasury curve has stayed\u00a0relatively flat. That steepness means investors are being offered significantly greater compensation for extending maturities, which creates opportunity for higher income but also greater exposure to interest-rate and duration risk.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For portfolio managers, that steepness presents tangible opportunities at the 15- to 20-year end of the curve.\u00a0Steve McFee,\u00a0Senior Portfolio Manager at\u00a0Vanguard, believes that the 17- to 22-year maturity range is &#8220;one of the greatest carry-and-roll opportunities in decades on the market.&#8221;\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">But those opportunities have also come with risks. Persistent upward pressures from inflation, geopolitical instability, and uncertainty about Federal Reserve policy remain key drivers of interest-rate volatility. Rather than relying on rate risk assessment, McFee relies on robust scenario analysis and on ensuring fidelity with portfolio mandates.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It&#8217;s\u00a0an approach that reflects how the broader market is adapting. Investors are increasingly shifting to ultra-short, intermediate, and long-duration strategies as macro conditions diverge. The result is a municipal market where cash flow can shift quickly, and liquidity can tighten when stress takes hold.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW66701577 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW66701577 BCX0\" data-ccp-parastyle=\"heading 2\">What tax policy uncertainty means for municipal bond demand<\/span><\/span><span class=\"EOP Selected SCXW66701577 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">Tax policies at the state and local levels are another important driver of municipal bond demand. Dan Kelly,\u00a0Head of\u00a0Municipal\u00a0Underwriting and\u00a0Sales at Huntington Securities, points to rising interest in state-level millionaire taxes and the potential for changes in overall tax policies after the 2026 midterm elections. \u201cI think there\u2019s just a lot going on, but any sort of\u00a0increase in taxes will make that asset class [Munis] more valuable,\u201d\u00a0says Kelly\u00a0and\u00a0adds that, given the current absolute level of yields, that dynamic is especially relevant, in spite of all the other items on people\u2019s minds.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Now, municipal bonds offer investors not only high nominal yields but also sizable tax benefits, providing a steadier base of demand amid geopolitical tensions and macroeconomic volatility.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, investors must pay close attention to political and policy uncertainty, as it could pose\u00a0additional\u00a0market risk. Changes in state and local representation in the upcoming 2026 elections, fiscal priorities, and inflation expectations can all affect Muni valuations in the months ahead.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Still, for most market participants, duration risk stays the dominant focus. Inflation and oil price volatility, along with uncertainty about future Fed leadership, continue to influence investor positioning across fixed-income markets. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW251632018 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW251632018 BCX0\" data-ccp-parastyle=\"heading 2\">How pricing data is changing\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW251632018 BCX0\" data-ccp-parastyle=\"heading 2\">muni<\/span><span class=\"NormalTextRun SCXW251632018 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0trading decisions<\/span><\/span><span class=\"EOP Selected SCXW251632018 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">Beyond these macroeconomic considerations, fixed-income traders and portfolio managers are increasingly focused on\u00a0<\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/the-next-generation-of-trading-analytics\/\"><span data-contrast=\"none\">modernizing municipal trading infrastructure<\/span><\/a><span data-contrast=\"auto\">. Traditionally, electronic trading adoption in the municipal market has lagged that of other fixed-income sectors, but that is changing quickly.\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cAlgorithmic pricing is democratizing execution, but the technology costs required to build out automated quoting models are steep,&#8221; notes Kate Le Compte, Head of Muni BVAL Pricing and Curves. Driven by robust SMA demand, the market is moving away from traditional voice-based trading toward automated, electronic workflows. Consequently, the infrastructure supporting digital multi-dealer trading is being rebuilt in real time to accommodate this increasing prevalence.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">That shift is also changing how liquidity is\u00a0acquired\u00a0and managed. Large block trades no longer dominate execution, with volume now concentrated in smaller trade sizes, particularly in the sub-$3 million range favored by SMAs, ETFs, and regional participants.\u00a0For buy-side firms, the challenge is balancing speed,\u00a0efficiency\u00a0and execution quality as municipal trading becomes more\u00a0electronic\u00a0and liquidity\u00a0remains\u00a0fragmented.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Technology investment sits at the center of that challenge. For firms in the municipal market, key considerations include:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Cost:<\/span><\/b><span data-contrast=\"auto\">\u00a0The expense of building proprietary trading and pricing systems<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Vendor risk:\u00a0<\/span><\/b><span data-contrast=\"auto\">The operational and integration risks of relying on third-party vendors<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Workflow efficiency:<\/span><\/b><span data-contrast=\"auto\">\u00a0The need to streamline workflows and reduce manual processes<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Real-time data:<\/span><\/b><span data-contrast=\"auto\">\u00a0The ability to act on real-time market information more effectively<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Amay Poria, Head of Muni Electronic Trading at Wells Fargo, challenges the assumption that more data leads to better results. Firms are calibrating their pricing models against a range of inputs, including, but not limited to, MSRB (Municipal Securities Rulemaking Board) trading data, third-party pricing sources, and feedback from institutional trading desks. The ability to distinguish meaningful signals from noise has become a genuine competitive advantage in a market that\u00a0remains\u00a0crowded, and often illiquid.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW118646350 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW118646350 BCX0\">How can Bloomberg help?<\/span><\/span><span class=\"EOP Selected SCXW118646350 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">As market complexity continues to grow, access to\u00a0independent,\u00a0transparent\u00a0and defensible pricing has become increasingly important.\u00a0To help market participants keep up with this demanding environment, Bloomberg\u2019s evaluated pricing solutions\u00a0(BVAL)\u00a0for fixed income\u00a0provide\u00a0more data, more often, with more transparency.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">BVAL\u00a0supplies independent and\u00a0transparent\u00a0evaluated pricing daily for over 2.7 million securities for all asset classes across the liquidity spectrum, including\u00a0thinly-traded\u00a0and hard-to-price fixed income securities.\u00a0For the municipal market, BVAL offers AAA Municipal Curves that use real-time trades and\u00a0market data\u00a0sources to reflect movement in the\u00a0municipal\u00a0market as it happens.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Learn more about how BVAL can support fixed income pricing and valuation workflows\u00a0<\/span><a href=\"https:\/\/professional.bloomberg.com\/products\/data\/enterprise-catalog\/pricing\/evaluated-pricing\/#fixed-income-coverage\"><span data-contrast=\"auto\">here<\/span><\/a><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Insights in this article are based on panels and fireside discussions at the Pricing Forum event held in\u00a0New York\u00a0in May 2026.<\/span><\/i><i><span data-contrast=\"auto\">\u00a0\u00a0<\/span><\/i><i><span data-contrast=\"auto\">\u00a0<\/span><\/i><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7dfc86'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a38bbe7e1364\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a38bbe7e1364\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p><i>The data included in these materials are for illustrative purposes only. The BLOOMBERG TERMINAL service and Bloomberg data products (the \u201cServices\u201d) are owned and distributed by Bloomberg Finance L.P. (\u201cBFLP\u201d) except (i) in Argentina, Australia and certain jurisdictions in the Pacific Islands, Bermuda, China, India, Japan, Korea and New Zealand, where Bloomberg L.P. and its subsidiaries (\u201cBLP\u201d) distribute these products, and (ii) in Singapore and the jurisdictions serviced by Bloomberg\u2019s Singapore office, where a subsidiary of BFLP distributes these products. BLP provides BFLP and its subsidiaries with global marketing and operational support and service. Certain features, functions, products and services are available only to sophisticated investors and only where permitted. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or other information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to \u201cbuy\u201d, \u201csell\u201d or \u201chold\u201d an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. The following are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries: BLOOMBERG, BLOOMBERG ANYWHERE, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG PROFESSIONAL, BLOOMBERG TERMINAL and BLOOMBERG.COM. Absence of any trademark or service mark from this list does not waive Bloomberg\u2019s intellectual property rights in that name, mark or logo. All rights reserved. \u00a9 2026 Bloomberg.<\/i><\/p>\n<p><i>BVAL, IBVAL and BVAL Derivatives (collectively, \u201cBVAL\u201d) are services provided by Bloomberg Finance L.P. and its affiliates (\u201cBloomberg\u201d). BVAL valuations do not express an opinion on the future or projected value of any instrument and are not investment recommendations (i.e., recommendations as to whether or not to \u201cbuy,\u201d \u201csell,\u201d \u201chold,\u201d or to enter or not to enter into any other transaction involving any specific interest), a recommendation as to an investment or other strategy, or commodity trading advice. No aspect of the BVAL valuation or other data is based on the consideration of a customer\u2019s individual circumstances and information available via BVAL should not be considered as information sufficient upon which to base an investment decision. Customers should determine on their own whether they agree with BVAL valuations. BVAL may not be available in certain jurisdictions. BVAL is not recognized or licensed as an official pricing provider in any jurisdiction, and should not be relied upon to comply with any laws or regulations that prescribe the use of prices issued by authorized pricing providers. BVAL should not be construed as tax, accounting, legal or regulatory advice or opinions, or sufficient to satisfy any tax, accounting, legal or regulatory requirements. Customers are solely responsible for the selection and use of appropriate parameters, inputs, models, formulas and data for meeting their tax, accounting, legal or regulatory requirements. Bloomberg believes that the information it uses in providing the BVAL services comes from reliable sources, but does not guarantee BVAL\u2019s accuracy. Employees involved in the BVAL services may hold positions in the securities included in the BVAL services.<\/i><\/p>\n<p><i>BVAL valuations may include indices, rates or other values (collectively, \u201cValues\u201d) that could be considered \u2018benchmarks\u2019 under the EU and\/or UK benchmark regulation and\/or similar regulation (collectively, \u201cBMR\u201d) if used in a regulated manner. Customers may not use Values in any manner that could be construed as regulated \u2018use\u2019 as a benchmark under the BMR (including to determine the value of financial instruments, to measure the performance of an investment fund for the purpose of tracking the return of such Value, to define the asset allocation of a portfolio, or to compute performance fees) unless such Values are administered by an authorized or registered administrator of such Values under the BMR. Among Bloomberg and its affiliates, only Bloomberg Index Services Limited (BISL) is an authorized or registered administrator of such Values under the BMR. BISL and Additional Data providers of such Values may require direct licensing with customers depending on customers\u2019 use.<\/i><\/p>\n\n<\/div>\n\n\n\t<\/div>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a38bbe7e2ca3]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a38bbe7e2ca3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_3533635326554069031\"\n  class=\"wpb_content_element 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We look at forces driving renewed interest, risks investors are watching and data and pricing capabilities becoming increasingly important as the market evolves.<\/p>\n","protected":false},"author":1935,"featured_media":37121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"435","footnotes":""},"categories":[435,457,453,444],"tags":[3698,3837,481],"series":[],"class_list":["post-141090","post","type-post","status-publish","format-standard","hentry","category-data","category-financial-services","category-markets","category-trading","tag-enterprise-tech-and-data","tag-enttechdata_2026","tag-pricing","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key trends reshaping the municipal bond market | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Municipal bonds are receiving fresh attention from investors. 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