Munis Display More Noise Than Signal In August

Sep. 20, 2021 2:10 PM ETMUB, NVG, NMZ, NEA, HYD, VTEB, NAD, EXD, PML, NZF, IIM, EVN, NUV, PMF, PMX, EIM, NXP, BKN, MAV, DSM, NAC, MHI, VMO, VGM, LEO, PCQ, BFK, PCK, PMO, BLE, TFI, PZC, AFB, DMB, KTF, HYMB, MYI, PZA, MQY, OIA, PMM, NMCO, IQI, DMF, MYD, BNY, MQT, CXE, NRK, CMU, MVF, NXJ, ITM, XMPT, VKI, MFM, MVT, VKQ, NKX, MMU, MHD, MUNI, BYM, BBK, SHM, MUA, MEN, VCV, MUI, MCA, MUJ, SBI, MUC, BFZ, MLN, NQP, VPV, BBF, MFL, CMF, NAN, NID, SUB, BTA, KSM, EVM, SHYD, CXH, MNP, MUE, NBH, MUH, PNF, PYN, MYF, VTN, MYJ, EOT, MPA, NMI, MFT, MHN, PNI, CEV, NXR, FMN, MYN, FMB, BAF, MUS, NCA, NUW, NXQ, BSD, MHF, MYC, ENX, DTF, BSE, NBW, NIM, NBO, NYF, PWZ, VFL, SMB, NXC, PZT, BFY, CCA, RVNU, EIV, NNY, NCB, MUST, NXN, VKMMX, NPN, NYV, MAAX, MEAR, NJV, BQH, FCAL, HMOP, EIA, PVI, SMMU, FLMB, MNE, PBND, TAXF, AKP, FSMB, EMJ, EVP, FLMI, FUMB, BJZ, JMUB, LSST, BLH, EIP, NYH, FMNY1 Comment
Peter Hayes profile picture
Peter Hayes
189 Followers

Summary

  • Modestly negative performance in August capped a robust summer seasonal period.
  • Issuance exceeded expectations, resulting in less of a supply/demand imbalance than is typical.
  • We maintain a defensive posture into the historically less favorable month of September.

Munis display more
12

This post originally appeared on the iShares Market Insights

This article was written by

Peter Hayes profile picture
189 Followers
Peter Hayes, Managing Director, is Head of the Municipal Bonds Group within BlackRock Fundamental Fixed Income and a member of the Fixed Income Executive Committee. He leads the Municipal Bond Management Committee, which oversees municipal bond portfolio management, research and trading activities, and is a member of the firm's Leadership and Operating Committees. Mr. Hayes' service with the firm dates back to 1987, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was Head of the Short Term Tax-Exempt Trading Desk, and managed the CMA Tax-Exempt Fund and other short term municipal bond portfolios. Prior to joining MLIM, he was a Trader for Shawmut Bank. Mr. Hayes earned a BA degree in economics from the College of the Holy Cross in 1981.
Follow

Recommended For You

Comments (1)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.