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Tax season and a heavy calendar prompt a quiet muni market

BY SourceMedia | MUNICIPAL | 04/13/26 04:13 PM EDT By Christina Baker
<img src="https://public.flourish.studio/visualisation/28504468/thumbnail" width="100%" alt="visualization" />

Munis were quiet on Monday, while U.S. Treasuries were firmer and equities ended higher.

Chris Brigati, managing director and CIO at SWBC, said he was "a little underwhelmed" with the market as volumes and flows were lighter than expected. He said buyers may be biding their time, waiting to see the week's nearly $14 billion calendar. Brigati expects a weaker performance from the muni market this week.

"We do have the April 15 tax deadline coming up. This is typically a period of [the] year where we see a little bit of underperformance for municipals," Brigati said. "So that date, along with the relatively robust calendar, I would expect a little bit of underperformance from the asset class in general."

<img src="https://public.flourish.studio/visualisation/28504504/thumbnail" width="100%" alt="visualization" /> <img src="https://public.flourish.studio/visualisation/28504466/thumbnail" width="100%" alt="visualization" />

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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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