- A modest weekly outflow is not likely to break the 2026 municipal demand story when funds are still up nearly $18 billion year-to-date, and issuance is set to stay heavy into late April and May.
- Tax-exempt yields are still competitive, with the 10-year MMD AAA at 2.91% and long-end relative value still very attractive, led by the 30-year at an 87% municipal-to-Treasury ratio.
- Near-term macro concerns may be building. Private credit, U.S. fiscal deficit and Treasury demand chatter, along with energy prices are worth watching over the next few weeks.
advisorhub.com
by Tom Kozlik, HilltopSecurities
April 20, 2026