United States

Municipal fixed income in a post-COVID-19 world


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High-quality municipal bonds have long played a key role as a source of stability and tax-exempt income in a well-diversified portfolio. However, investors have questioned whether economic and budgetary stresses resulting from the COVID-19 pandemic will upset the historical safety and soundness of municipal bonds. While the economic slowdown will certainly have an impact and will test some segments of the municipal market, we believe that municipal bonds have a long history of capital preservation in stressful periods and enjoy a number of foundational strengths that support their role as a core part of a strategic asset allocation.

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