- The 30-year municipal bond yield crossed 5%, a level last seen in at least 2011, as a painful fixed-income selloff eroded returns in state and local government debt.
- The move is part of a broader fixed-income selloff rather than a muni-specific credit event, with the long end leading the repricing.
Quotes
“A painful fixed-income selloff is eroding returns in state and local government debt, driving the rate on benchmark 30-year municipal bonds above the 5% threshold.”