Munis cemented their best “summer” since 2010 after another month of strong performance. Some near-term caution is warranted given that September has been historically challenging. Robust issuance ahead of the election should provide opportunities in the primary market.

Municipal bonds maintained their summer strength and posted a second-consecutive month of positive performance in July.

Municipal bonds deviated from U.S. fixed income assets and posted negative performance in May.

Market update from BlackRock's municipal bond team.