Muni Update: Muni Market Proves to Be Resilient

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As volatility across global financial markets has continued to cause anxiety for investors, investment grade municipal bonds have produced positive nominal returns on a year to date basis. The combination of sluggish economic activity in China, plummeting commodity prices and uncertainty over the timing and reaction of the U. S. Federal Reserve, have all conspired to produce weak investment returns and dramatic declines for most global equity markets. Despite these headwinds, a significant increase in new issue supply and recent outflows experienced by municipal mutual funds, the asset class has proven to be very resilient while posting positive returns on a year to date basis.

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