Summary

• After a strong start to the year, geopolitical and macro uncertainty triggered a March repricing that offset earlier gains.
• Improved valuations and upcoming seasonal tailwinds support a more constructive outlook.
• Fundamentals remain solid, but rising credit dispersion reinforces selectivity.

By Patrick Haskell | James Schwartz | Sean Carney

Quarterly review

Municipal bonds started the year with strong momentum, supported by favorable technicals as robust demand outpaced supply that consistently fell short of expectations. January performance was

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