Municipal Fixed Income Perspectives — July 2025
July 11, 2025 — This presentation provides an overview of our municipal market outlook and key themes, and it illustrates how Sage is positioned in the current environment.
Key Takeaways
- Municipal returns have lagged but now offer better relative value.
- By extending duration, investors can have historic term premium, with the 10s30s curve offering an extremely generous +137 bps yield advantage.
- A supply/demand reversal by the end of summer will shift the current reinvestment dynamic to a buyers’ market.
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