The old saying, "the more things change, the more they stay the same" appropriately summarizes the municipal bond market today. Despite an awful 2022 for total returns and an eventful first half of the year dominated by concerns about banking instability and the debt-ceiling drama, the outlook for the muni market is largely unchanged. Given the combination of attractive yields and strong credit conditions, we have a positive view on the muni market over the remainder of the year. Just two years ago, the yield for a broad index of muni bonds was 1%, which was near the lowest level in the history of the index.1 In ... (full story)