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Munis hold steady as USTs firm

BY SourceMedia | MUNICIPAL | 03/23/26 04:03 PM EDT By Christina Baker
<img src="https://public.flourish.studio/visualisation/28196011/thumbnail" width="100%" alt="visualization" />

Munis were little changed Monday, as U.S. Treasuries richened after Friday's selloff and equities were up.

The asset class took a breather on the heels of last week's volatility, which worsened toward the end of the week. Munis sold off Thursday into Friday, with yields following UST yields higher with double-digit cuts.

"We are in interesting times as the market must now balance these robust technicals against a backdrop of geopolitical tension in the Middle East and the nomination of Kevin Warsh, whose hawkish reputation is already being weighed by participants," said Jason Wong, vice president of municipals at AmeriVet Securities.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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