Multiple factors can impact M/T ratio levels over time, including shifting supply and demand levels.

The municipal market is on one of the strongest performance streaks we’ve seen in a while, as light supply and continuing strong demand push relative value indicators, such as municipal-to-Treasury ratios, to cyclical lows. M/T ratios measure the relationship between AAA municipal benchmark index yields and the yields of US Treasury issues.

Continue reading the full report (PDF)

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

To learn about the professional background, business practices, and conduct of FINRA member firms or their financial professionals, visit FINRA’s BrokerCheck website: