In October, munis faced further headwinds from volatility in the rates markets. Tax-equivalent yields (TEYs) on AA munis with longer term maturity dates have climbed to now exceed 8%. And, for investors that reside in states that impose high personal income taxes, TEYs move even higher (CA, NY, and NJ, as some examples). The UBS Chief Investment Office (CIO) explains.
by UBS Editorial Team
04 Nov 2022