Bloomberg
Muni Market Has Worst July Since 2003, Veering From Typical Summer Pattern
Friday, July 31, 2026
US state and local government debt recorded its weakest July performance since 2003, according to market data. Rising Treasury yields and increased new bond issuance contributed to the decline in what is typically a strong month for the $4 trillion municipal bond market. The pattern marked a departure from the seasonal strength historically seen in July trading.
