3.29.23 Munis Bounced Back in March; Seasonality Tailwind
After one of the weakest February’s on record, the municipal market is on track for its strongest March performance since 2008, as it benefits from a flight to safety amid turmoil in the banking industry. The Bloomberg Municipal Index is up nearly 2% (so far) this month bucking the historical trend of March being the worst month for muni investors. Since 2011, the Bloomberg Municipal Index has lost -0.39%, on average, in March, making it the worst month for the index. The good news for muni investors? The next two months have been good months for muni investors with April and May generating, on average, monthly returns of 0.25% and 0.97
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