The COVID-19 crisis impacted municipal bonds more starkly and surprisingly than many other fixed income sectors.

As we posited in recent Janney Investment Strategy Group reports Municipal Bonds During the COVID-19 Crisis and A Year Within a Day for Fixed Income Markets, the reason that even higher-quality municipal bonds underperformed in much of March is selling and mutual fund withdraws by individuals ahead of uncertain economic times. Municipal bonds are unique in their degree of individual ownership—when many individuals lean on the sell button, muni markets tip over faster than other markets.

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Guy LeBas

Director, Custom Fixed Income Solutions

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